Sometimes, as has happened with many people over the last several months, financial situations get out of hand. It could be because of an illness, the loss of a job, or, as we have seen with hurricane Katrina, and the BP oil spill in the Gulf of Mexico.
Many people, as they watch the money, and other resources, run out, begin to think that bankruptcy might be a solution.
If only they could get rid of the debt they have accumulated, they could get by, or even rebuild their lives. They need time, they think, and bankruptcy can give them not only the time they need, but also can remove the crushing burden of debt they face.
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Believe me, I know exactly what they are thinking, because it happened to me. It wasn't a natural disaster, however, unless you call a company you had worked with for years pulling the plug, and turning your six figure annual income to zero a "natural" disaster.
No matter how it happens, however, the internal turmoil is usually the same.
People begin to seek desperate solutions, or, perhaps said better, begin to seek solutions desperately.
When it comes to money problems, desperate people often think of bankruptcy as a cure. It almost becomes a recurring mantra.
Then, when they check into it, the process can not only seem daunting in itself, but can be expensive as well. One of the Catch-22's of filing for bankruptcy is that at a time when you are in debt and unsure how you can put groceries on the table, the one shining solution costs a lot of money.
Unfortunately, this is a fact of life.
The lawyers want their money. The state has to recoup it's costs somehow. After all, there's a lot of time and paperwork involved for all concerned, including the person seeking to file bankruptcy!
Many people who manage to navigate, and pay their way through, the bankruptcy maze, come out the other end hoping to see a new world, something Oz-like that their imaginations have been holding in front of them through the process.
However, while bankruptcy CAN be an effective answer for many people, many others find that they are either no better off than before, or even worse off.
While bankruptcy removes or reduces some problems, some it cannot do much for.
Even with the crushing burden of debt removed from your constant thoughts, you may still lose your house, you may still lose your car. You may find that you are still liable for some of the debts you had before. You may even find that you feel guilty, or in some way "marked" by society, for having taken the steps you did.
You will definitely find that such things as buying a car, a house, or even borrowing a few bucks to take a vacation, or buy the kids glasses, is now much harder, as evidence that you failed to live up to your credit obligations is now a part of the record that lenders will review before doing business with you.
Even if they are willing to lend you money, or finance a purchase, you will find that you may have to come up with a much larger down payment, make larger payments over the term of the loan, and pay whopping amounts of interest.
Worse, if you wound up having to file bankruptcy because of poor choices in the area of money management, you may just wind up back in the same spot again.
For many, some simple steps such as taking on a second job, negotiating with creditors, and learning how to more effectively manage their money...and DOING IT...can mean that bankruptcy never becomes an issue, that your credit report report remains relatively unblemished (at least as compared to going bankrupt), and that your financial future will look a whole lot brighter, as will your financial future.
Bankruptcy is the solution for some, but it should be the last solution...when all else has failed. You should consult with an attorney who specializes in bankruptcy, or at least do some factual research on the Internet, before making the decision to proceed.
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