Bankruptcy is never an easy decision. Should you file for Bankruptcy? Only you can answer that question. Choosing to file for bankruptcy is not for everyone, however for me it was the right move and I benefited from it greatly. About 5 years ago I put myself in a bad financial situation.
First of all I am a single mom with 3 children so as you can imagine the expense are never ending! I had my own business that was thriving and I seemed to be in good financial standing. I decided I was tired or renting and I dreamed of owning my own house. So I did it! I purchase my own home before the age of 30, it was a great feeling! However, I made some common mistakes. About 6 months after purchasing the home and emptying my savings, I decided to buy a new car. Call it poor judgment or poor financial planning at its best! About 3 months later I lost some key accounts in my company which cut my income by about 60 percent. Now I was in trouble. The bills were piling up and I was overwhelmed. My bills were past due the collection agencies were calling me left and right! I hadn't paid my credit card bills, I was in big trouble!
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I foreclosed my home and went back to renting. I also had my new car repossessed. After about 2 years of the IRS withholding my income taxes due to my debt, I decided to file for bankruptcy. I found that filing for bankruptcy can cost a lot of money especially if you hire an attorney. I did find some loopholes with this that many people do not know.
1. If you fall within the income bracket, you can file for free.
2. You don't need an attorney.
3. You can find all the information on how to file for bankruptcy on the web. (how to fill forms and more)
So what you need to do first is fill out the paperwork which is free if you go to the bankruptcy court and pick them up yourself, you can also download the forms online, some stores like staples actually sell the packet. The paperwork looks complicated but if you put in the effort it is not that hard to figure out. Make sure that if you need a fee waiver you include the form when you file. You will also have to take a bankruptcy course before you can receive a discharge. The cost is usually around $50 but there is also a fee waiver for this if you qualify. A great place to find out about this is Consumer Credit Counseling. These are the steps I followed.
Prior to filing for bankruptcy I was in debt around $100, 00. Within 6-9 months my debts were discharged just like that. It was much easier than I thought. Bankruptcy may not be for everyone, but it worked for me. After my discharge my credit score actually improved and for me it was a new start at obtaining good credit. The reason your credit score improves after filing for bankruptcy is because after your debts are discharged, your debt ratio drops drastically.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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