If you are facing a huge mountain of debt and cannot see over the top of it, and the majority of those obligations are past due, perhaps way past due, you may be thinking in terms of bankruptcy. Most consumers think like this but you need to be sure that you are not really jumping from the frying pan into the fire, and there are some realities of bankruptcy you need to be aware of so that you do not get yourself into even deeper trouble.
First of all, with the recently enacted bankruptcy laws and various changes to those laws, it may not be possible for you to even declare bankruptcy. Whereas in the past anyone could file for bankruptcy for just about any reason, the new laws now make it harder to file because each case is considered on a case by case basis, and the courts decide whether or not you can file, and if so, which chapter you can file.
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The typical consumer would want to file bankruptcy chapter 7 which is the one that, common wisdom will tell you, just wipes out all your debts and you walk away with a clean slate. But the reality of this is that it is not simple, it is hard to get approved for, and no matter how lenient a court may feel on a particular day, there are some debts that are not wiped out.
For example, financial obligations such as tax liens, child support, alimony, and federally funded student loans are not wiped out by chapter 7 bankruptcy. So even if you are successful in filing this chapter, those debts will remain. You need to be aware of this because if a major portion of your debts are made up of this type of debt, bankruptcy is going to provide very little relief for you.
The best way to convince the courts to approve you for chapter 7 is via the way your detailed and current financial situation is presented. You are not an expert in this area, and for this reason, it is strongly recommended that you use a qualified bankruptcy lawyer who knows how to present your financial data in such a way that it can lean the courts towards a chapter 7 ruling.
One of the things you should consider first, however, is to get a bankruptcy evaluation. This free service by a qualified bankruptcy attorney who is familiar with the federal and state laws, can evaluate your financial situation, advise you of your options and alternatives, and also tell you what you could realistically expect if you move forward with a filing.
Bankruptcy, today more than ever before, is not a do-it-yourself process. If you need a leak fixed in your house, you don't call an electrician. By the same token, if you need to know what to do about your financial situation and what options you may have, do not accept "common wisdom" but instead go to the experts who are familiar with bankruptcy and let you know what your options really are.
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