Though most people are likely to encounter an extreme degree of financial difficulty at some point in their lives, there is still a very strong cultural stigma associated with delinquent payment of one's debts. Moreover, those who are forced by circumstances beyond their control to pursue the protections afforded by the United States Bankruptcy Code face incredible amounts of undeserved scorn. This makes many people hesitant to file for bankruptcy, even when it is the best solution to their existing money troubles, and the matter is further complicated by misconceptions and misinformation that have become widespread.
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5 Things You Should Know
It is hard to sort through the information that you are presented about your options when debts become unmanageable. For example, many so-called "debt relief" or "credit counseling" companies have close and questionable ties to the creditors against whom they are supposed to be battling in your defensive efforts to rectify a troublesome debt situation. 5 things that you should know about bankruptcy are:
It will not haunt you forever - Bankruptcy will linger on your credit report for up to 10 years, but then it becomes an artifact of your past and is unlikely to cause hassle You do not have to sell everything you own - Few bankruptcy cases require a debtor to sell personal property, and the law exempts specific kinds and dollar values from any sale It irreparably damages your credit - Though a bankruptcy on your credit report will create a major strike against you, numerous accounts that are unable to be paid can be worse. Also, making payments on those accounts pursuant to a bankruptcy plan can help to raise your credit score Not all debts can be erased - Many of the most significant debts that a person accumulates can be discharged (forgiven) through bankruptcy, but some cannot. Student loans, for example, will remain due and owing once your bankruptcy has been completed. It does not make you a bad person - Despite the broad social disdain for the practice of filing for bankruptcy, it does not represent any kind of moral failure on your part. More than 2/3rds of bankruptcies are prompted by medical debt, and that is hardly within one's control.
Take a Stand
Set the record and your accounts straight. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.
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