Is Bankruptcy the Solution for You?

October 25, 2011 by  Filed under: Bankruptcy 

Although you have tried everything you can to bring about a successful financial future, it may feel like you are taking one step forward and two steps back. Faced with the potential of economic ruin, it may be helpful to know about bankruptcy, what it is and what it is not.

If you live in the Richmond, Virginia area and are struggling with financial ruin, there are a few things to consider when setting an appointment with a Richmond bankruptcy lawyer. When struggling with money stress, you may feel quite alone in this battle. It is helpful to hear that you are not alone and that others may have stories just like yourself.

Consider Mary for an example. Mary struggled through high school and barely graduated when she had her first child. Mary and her husband were married for three years before her husband left her with the kids and very little money.

Unfortunately, child support payments were not going far for Mary and her high school education wasn’t helping her get ahead in the job market. With no medical insurance and a minimal wage job, Mary was beginning to go under financial water fast. Not knowing the best way to deal with her debts, she decided to start using credit cards as a means to pay off her bills.

At first, the minimum payments on the credit cards seem to be manageable and offer her a solid temporary solution; however, that solution was very temporary. Within a couple years, the debts on her cards were maxed out and she not only ran out of that option but the minimum payments became more than she could handle.

For the first time, she began considering bankruptcy. Perhaps you have had fairly similar experiences to Mary and are likewise looking for help. Here are some important things to know:

What does bankruptcy do? – Bankruptcy has the potential of eliminating your debts so that you can start over. Depending on the type of bankruptcy you file, you may either be able to eliminate most of your debts or simply readjust the debts under the protection of the courts and get breathing room to pay.

What are my options when filing? – There are typically two (some consider there to be three) main options when considering bankruptcy: chapter 7 and chapter 13. Chapter 7 will relieve you of most of your debts while 13 will reorganize your debts.

When considering bankruptcy, it is helpful to know that although your debts may become manageable, your credit score will be heavily influenced by the decision. If you are planning on getting a loan in the next 10 years, you may be quite disappointed. This filing will stay on your record for 10 years and will be readily seen on credit checks.

If you live in the Richmond, Virginia area and are looking for a good Richmond bankruptcy lawyer, begin looking online today. A good lawyer will walk you through the process and help you understand your options and answer any further questions you may have.

If you live in the Richmond, Virginia area and are looking for a good Richmond bankruptcy lawyer, begin looking online today. Visit us online ( ).

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