For many, bankruptcy is not a pleasant option to consider. Neither is simply ignoring the financial problem one faces. Oddly many are more likely to simply struggle with their debt rather than take the proactive role consulting with a bankruptcy lawyer.
The irony is that the bankruptcy option may be easier, and certainly less problematic than simply ignoring the problem.
· The first misconception to overcome: Bankruptcy is about failure. Bankruptcy is about renewal. Business ventures fail and are liquidated in bankruptcy. But people go into it for a fresh start. They may have fallen upon hard times and are unable to pay debts back. That’s the cause but the point of the process is to get one back on his/her feet.
· The second misconception: Bankruptcy is a punishment. Even though they have done nothing wrong, some expect that their creditors, the trustee, or the judge will ridicule or torment them. In actuality, bankruptcy is more like closing a loan, where someone simply verifies the information provide. Truly, if you do your part, the system will do its part to get you through safe and sound.
· The third misconception: You’re the only one. Let’s do some basic math. In almost every year going back about 20 years, more than one million cases have been filed – and many of those involved a husband & wife. To be sure, you already know someone who has filed bankruptcy – and I sure that they are glad they did.
Today, right now, thousands — possibly millions — of folks just like you are doing something foolish to avoid calling someone just like me, a bankruptcy lawyer. They might be about to cash out their 401(k) or IRA account, even though I can save it for you. They might be hiring a debt settlement company to negotiate ridiculously unlikely deals with creditors who will sue before the end-game is played. They might even be considering taking cash out of their home by way of a new mortgage.
And today, right now, millions of Americans believe that they are doing just fine financially, mostly because they’re keeping up on the minimum payment on all their debt. The reality is that every day that goes by their chances of getting out of debt grow slimmer and slimmer.
It takes courage to talk to speak with a bankruptcy attorney – just as is takes courage to speak with a surgeon about a health problem. But deep down you know it really is not going to get better, right? If your debts are now keeping you from important things — like your kids’ education, replacing your car, or being able to retire — or even critical things — like your health care — then why haven’t you already called a bankruptcy lawyer? And if your answer is that you’re afraid or you’re too proud to “ever do that” then think again. Fear and pride are hard to eat sometimes. It might just be time to find out what you don’t know.
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