The Upside of Filing for Bankruptcy?

Debtors’ prisons are a thing of the past, and the stigma surrounding bankruptcy has faded as well. Though most bankruptcy filers will still keep it to themselves, seeking debt relief is becoming more and more common. It is, after all, the best way to a fresh financial start. A Kansas City bankruptcy lawyer can assess your situation and tell you what you can expect when filing for bankruptcy.

Coming to grips with the thought of filing for bankruptcy is the initial hurdle that most debtors face. They worry that their friends and co-workers will find out and it will become a part of the rumor mill. They view bankruptcy as something that will only hurt them, and not help them. And that’s just not the case. After all, it’s easy to keep a bankruptcy filing to yourself. It’s not easy to hide a home foreclosure from your neighbors.

Once debtors speak with an experienced bankruptcy attorney, they see that in exchange for a one-time investment of time and money, they can re-start their financial lives with little or no debt. In addition, most debtors begin their new financial lives with a smarter approach to spending and saving.

Bankruptcy Is Not as Bad as Most Fear

No bankruptcy lawyer can guarantee a complication-free bankruptcy, but most debtors get through it and find it was not as bad as they initially feared. Here is a closer look at the realities of a bankruptcy filing:

  • The likelihood of notice of a personal bankruptcy filing being published in a local newspaper is remote. What is more likely is that notice of such a filing may occur in a legal publication which is read usually only by lawyers and not the general public. With readership of all types of newspapers having declined significantly over the years, the chances someone you know seeing it is relatively small;
  • You will appear before the trustee along with your attorney to answer questions about your filing and petition;
  • The creditors listed on your bankruptcy petition must cease all collection activity once they receive notice of your filing – they can be penalized if they attempt to contact you;
  • In this day and age, the average person needs bankruptcy protection just like large corporations do. It allows an individual or couple the chance to re-organize their finances so they can focus on getting ahead in life; and,
  • The truth is that often the biggest regret most have after going through a bankruptcy is that they did not do it sooner.

The so-called stigma of a bankruptcy filing is not necessarily true. While it is often the last resort for debt relief, it is a way of confronting your debt situation head-on and taking control of your life. Don’t let your debt control you.

Posted in Bankruptcy eNewsletters

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