Filing Personal Bankruptcy Help

When we hear the word “bankruptcy,” we immediately imagine a bunch of guys in business suits screaming “I am ruined!” and jumping from the Stock Exchange balcony. Well, you are probably not one of those guys, but your minimum monthly credit card payments are already higher than your rent, your cards are maxed out and no one is giving you new ones because your credit rating is lower than the South Pole.

You might have a job, but, really, what’s the point of keeping it, if all the money earned goes to the credit card companies. But you are afraid to quit because, if you stop paying them, they’ll start calling you and your family threatening to sue. That’s what already happened a few times you had to miss a payment – once because of that vacation and the other time, because of that car accident – you’re still receiving hospital bills for that – bills that you can’t pay. The hospital’s billing department has been calling for months, by the way. Add to that your student loans and hiding in a cave in Afghanistan suddenly becomes an attractive option.

Bankruptcy might actually offer you an escape from that ferry-wheel of interest rates and monthly payments. There are different ways to go bankrupt – but the one you will grow to love is called “Chapter 7.” In a Chapter 7 Bankruptcy, two important things happen. Number one: your debt gets discharged. Number two (a.k.a. the “other side of the coin”): everything that you own gets taken away and sold to pay back your creditors. That other side of the coin might sound pretty harsh, but fortunately, the law contains many, many exceptions to that rule – all these exceptions basically ensure that no one will take your personal possessions and sometimes even your car and your house. But – your collection of modern art, your villa in Tuscany and your slave army of French chefs will be confiscated. What was that? You don’t possess even a single piece of modern art? What a shame! But, on the other hand, now you won’t have to worry about your belongings getting taken away.

Finally, after you file your Chapter 7 petition in Bankruptcy Court, you will have to appear before a judge – a bankruptcy trustee. The trustee will make sure that you are trying to hide a family fortune from him (and your creditors), and, once he is sure, he will enter an order discharging all your debt. Well, not all – student loans “survive” the bankruptcy, which means, you would still be responsible for them. But, all your credit cards, veterinarian and grocery bills, auto loans and medical bills will go away. The trustee doesn’t make his order final for a few months – just in case you happen to win lottery or receive a large inheritance. However, once the bankruptcy order becomes final, your ailing rich uncle can finally kick the bucket – your debt will still remain discharged.

Now you can finally take those motorcycling course you’ve always wanted to take, start saving and even get new credit cards! It’s funny, but credit card companies like someone fresh out of a bankruptcy much more than someone with a lot of debt who hasn’t declared one yet. It’s simple – one can only declare Chapter 7 Bankruptcy once every 10 years and credit cards know that. So, while saving up is definitely a great idea, I can’t say the same about getting new credit cards – remember, once you max them out, you won’t be able to get rid of your new debt for quite a while. And, it does feel better without those monthly payments, doesn’t it?

If you live in New York or New Jersey and are thinking to declare bankruptcy, I might be able to help – our law office helped hundreds of people discharge their debt. Once your debt is discharged and you are ready to start anew, read how to make money in this hilarious guide – GetRichandQuick.com.

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1. Chapter 7 Bankruptcy Law
2. Chapter Seven Bankruptcy Laws Post 2005
3. Can You File Taxes Owed With Bankruptcy?
4. How A Bankruptcy Plays A Role In Mortgage Approvals
5. Essential Tips On Getting Debt Help
6. How To Avoid Filing For Bankruptcy
7. San Antonio Bankruptcy, Top 10 Myths To Avoid
8. Commonly Asked Bankruptcy Questions
9. A Look At Chapter Seven Exemptions
10. Benefits Of Bankruptcy Protection – A Second Chance At Profitability From Bruce Baldinger LLC