It is true that history repeats itself. In search of a fresh start, the early American settlers and founding fathers, many of whom were bankrupt and penniless, came to the new world. Bankruptcy today is exactly that, a fresh start, but without the cruise across the Atlantic. Bankruptcy protection is no longer a shameful experience of which to take advantage. A few of the nation's most trusted and respected professionals and corporations have taken advantage of this same bankruptcy protection, such as GM, Northwest Airlines, Delta, Lehman Brothers Holding, Inc., Chrysler, and countless more.
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Unfortunately, those private citizens that are filing for bankruptcy will not be receiving bailout funds from the U.S. Government as will those major corporations. Because of this lack of extra financial backing, it is imperative that private individuals and families unable to pay debts or losing their home to foreclosure consult an attorney specializing in bankruptcy protection.
Should a family be 90 days past due with the mortgage payment, it is essential to consult a bankruptcy attorney immediately. Many bankruptcy attorneys will make recommendations that will allow a homeowner to continue making payments in order to prevent losing the home.
Shortly after filing bankruptcy, a hearing will be set. One instant benefit of filing for bankruptcy is that every harassing collection call will stop once each lender has been notified of the intent to declare bankruptcy has taken place. Should any lender which is owed money fail to appear at the hearing, will generally forfeit any claim to monies owed. This is not an absolute certainty, though. Certain loans and debts are not forgiven and must be paid back to the lender regardless of declaring bankruptcy or not.
Once the bankruptcy hearing has taken place, many attorney's offices will be able to refer the client to a reputable financial advisor so that the road to financial recovery may be smooth and efficient. Within a year, it will be possible to begin building a positive credit history once again through a credit card. The interest rate will be exceptionally high, but will fall as the client proves financial responsibility.
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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