Personal Finance: Bankruptcy is No Longer a Doomsday

Posted on January 10, 2011 at 8:11pm by

Chicago Tribune – The cruelest recession since the Depression has pushed people who never would have dreamed of bankruptcy to ask themselves whether they dare file now.

Fear holds many back, as they worry their financial options will be ruined for life. But that is hardly the case, said Tara Twomey, a lawyer with the National Consumer Law Center. Bankruptcy has a stigma and can stay on a person’s credit report up to 10 years, but “people drowning in debt can get a fresh start and go forward keeping their important assets,” she said.

Bankruptcy lawyers say some people who are serious about putting their lives in order often can get a home loan two to three years after coming out of bankruptcy. Even credit cards are offered, though they carry interest rates that people should shun.

Experts agree that bankruptcy does not ruin your life, but they emphasize that those considering it should look into other options, including working out new arrangements with lenders.

Are you troubled by threatening calls, mail and law suits from creditors? Is your home facing foreclosure or your car likely to be repossessed? Are your wages being garnished? It’s not worth losing sleep over legal matters. You need a reliable Kansas City bankruptcy attorney who can provide immediate relief. The Sader Law Firm has more than 30 years of combined experience in Chapter 7 bankruptcy, Chapter 11 bankruptcy and Chapter 13 bankruptcy cases.

The Sader Law Firm can help provide you with financial freedom. Contact an attorney at The Sader Law Firm today for a free consultation at (816) 281-6349 to find out whether you qualify for bankruptcy and to learn more about your options.



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