Bankruptcy. It's an intimidating word. I get a knot in my stomach just typing it. Thankfully my husband and I haven't had to deal with bankruptcy, but?being self employed I have to admit that the subject?creeps into the back of?my mind every so often and I get nervous...very nervous.?As the saying goes, "No one knows what the future holds", and?with a high anxiety personality like mine I've?contemplated the subject and how we would handle it if it were to become a reality?for our?family.
Though not an issue for us we?have a family friend?who has had to live through bankruptcy. And we have another friend who could be headed down this same path if?he can't work out?his debt issues. In talking with?these friends over the past few years I've learned a little bit about the different types of bankruptcy.
Chapter 7 bankruptcy can completely wipe out credit card debt, medical bills and utility bills, but the bankruptcy court could order you to sell some of your property so you can repay your creditors. However, this practice?varies from state to state.
Chapter 13 bankruptcy allows you to work out a repayment plan in bankruptcy court regarding your mortgage and auto loans. And if you have credit card debt or medical?bills you may be able to reduce or eliminate those bills as well.
Although I?shouldn't generalize I blame the bad economy for one friend choosing to file for bankruptcy. He and his wife were self employed as?mortgage brokers and they basically lost everything?in?the drastic economic tumble from a few years ago. But many people have gotten in over their heads financially through a variety of?means and many times it can only be blamed on?reckless financial decision making.?No matter the reason bankruptcy occurs more often now than ever before?and it?doesn't seem to have the stigma attached to it as it did in the past. Just about everyone I know has had to deal with looming debt of some sort. Many friends have made great changes in the way they handle their money and worked very hard to get their financial lives back on track. Others feel they have no other option but to consider bankruptcy. Since there is no 'one-size-fits-all' answer everyone has to?choose the path that works best for them.
Bankruptcy laws?were created to?help you get out of debt. If you are feeling completely overwhelmed and nervous and need some guidance you can find relief. Contact?an?Omaha Bankruptcy Attorney for advice on the subject. They have the expertise and experience in helping people figure out a solution to their debt issues.
Bankruptcy can be an intimidating subject, but there is help out there so don't be afraid or too embarrassed?to ask. You certainly are not alone.
Okay...more discussions to come...until then,
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