Keep Your Eye On The Prize When Filing Bankruptcy

You can't turn on the TV today without hearing about all the politicians gearing up for the election in 2012. With so much negativity in the economy, this next election is going to be a mudslinging bloodbath. Truthfully, it couldn't have worked out better for the Republicans as the current president hasn't been able to spend his way out of a recession. In fact, the numbers speak for themselves showing that we are heading for inflation and a double dip recession. Considering this, it's apparent with the Fed's showing unemployment numbers of over 9% is going to get real ugly in the next couple years. The good news for consumers and bad news for creditors is, if the economy continues its downward spiral people can use bankruptcy as a way out of the debt that has been created over the last 10 years. Isn't this the situation that filing bankruptcy was created for?

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When thinking about filing for bankruptcy, the debtor should focus on the positives not the negatives. The great thing about filing for bankruptcy is the elimination of debt. When deciding on a bankruptcy filing for your form of debt elimination, being successful should be at the top of your list. Making the decision to file bankruptcy is tough and should be made using the expertise of a bankruptcy attorney to help you. A bankruptcy attorney will help the debtor navigate through the complexity of the bankruptcy code. This will give the debtor an emotional relief knowing that they are in good hands and no longer have to worry about the outcome of their filing.

When filing for bankruptcy the debtor needs to put their focus on the things they will benefit and not the things they will lose in the filing. People need to understand that there will be a period of time that they will have to live being credit card free. When it comes down to it, it's not that hard to live on cash instead of charging everything you buy.

The bankruptcy attorney will tell the debtor which chapter of bankruptcy would be best to file for their personal situation. A Chapter 7 bankruptcy will wipe out all unsecured debt and is typically used for individuals that have a large amount of credit card debt and their income is below the median income for their state. On the other hand, a Chapter 13 bankruptcy really shines when it comes to protecting property like the family home. Sure there is a 3 to 5 year payment plan, but the debtor will be able to negotiate and keep all of their property if they choose to. In a Chapter 13 bankruptcy, debt surveyed by priority with secured at the top and unsecured at the bottom. Depending on the debtor's financial situation, many times the debtor will end up paying very little towards the unsecured debts and the remainder will be discharged at the end of the payment plan.

Being in financial trouble is no fun, but it's important to be positive and proactive to use the benefits of a bankruptcy filing. Before it's too late, consult a bankruptcy attorney and see if a bankruptcy filing can help you get on the road to becoming debt-free.

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