Filing Bankruptcy could be your best option

Like most people, I always felt bankruptcy was a painful procedure and a sign of failure.  Then people in my own family became overwhelmed by their financial problems and had no choice but to file.  I was amazed at how well it worked for them, getting them out from under a mountain of debt they could not handle.

Since then I have tried to convince people to explore bankruptcy as an alternative to their debt problems, but it is hard to convince them it is a good idea.  The law is complicated and there are many myths surrounding it.  Creditors, especially credit card companies, do their best to make you think it is a bad idea.

Recently I came across an ad from a bankruptcy firm with which I am familiar.  They have done two videos in which they explain many facts about going through bankruptcy, using actual cases from their files.  I have watched both videos and I highly recommend them.  They are both at this link.  Just scroll down when you get to the page:  Help for Filing Bankruptcy

If you spend some time watching these videos, you will learn a lot about the procedure of filing bankruptcy and how it can help you.  These are Massachusetts attorneys, but bankruptcy law is federal, so most of what they say will apply across the country.

Here are just some of the points they make:

  1. Bankruptcy can usually eliminate your credit card debt, or reduce it to 15 cents on the dollar.
  2. Filing bankruptcy stops foreclosure proceedings on your home, and the court will often try to set up a plan that allows you to keep your house.
  3. Most people who file get to keep all of their other assets, like their car and 401Ks.
  4. IRS debts can often be made manageable in a bankruptcy proceeding.
  5. You may be able to borrow again not long after your case is closed.

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