Can I Declare Bankruptcy?
Should I Declare Bankruptcy?
You are struggling through a dark woods of debt and see no way out. Your quality of life has taken a nose dive and crashing into nothingness seems imminent. What can you do? You have asked yourself several times, “Can I declare bankruptcy?”
Despite all the confusing news reports about the 2005 changes to the Bankruptcy Code, bankruptcy remains a viable option as a strategy to get you out of the dark woods into the light of day and debt relief. The stigma of the past is gone as we have watched multi-billion dollar companies seek the protection of the bankruptcy courts. Recently we witnessed General Motors, one of the oldest and most venerated companies in the United States, file for bankruptcy protection. And you have heard it said, “What’s good for GM is good for the country.”
Myth Versus Reality
Consequently, you should not allow any myth about the stigma of bankruptcy prevent you from getting the relief you need. In addition, you should not worry about your credit report since bankruptcy can only help in getting rid of what are now many past due bills and charge offs. Yes, bankruptcy will remain on your reports for up to 10 years but there are still ways for you to obtain credit, such as completing a debt management course and remaining current on your post-bankruptcy obligations.
Another way to get credit after bankruptcy is to look for businesses that do in-house financing and then pay according to your financing agreement and this will improve your credit score and make your credit report more attractive.
Stop asking yourself, “Can I declare bankruptcy?” and start getting the help you need. If you are thinking about bankruptcy then most likely you need to file. You should talk to a debt counselor or attorney today to explore your options and to see what is the best strategy to help you get out of the dark woods of debt so that you can see the light again.
Click here for more information on declaring bankruptcy.