July 13, 2011 Leave a comment
Have you considered bankruptcy? If you have many debts which you cannot pay then it may be good idea to consider filing. If creditors are calling you 50 times a day and your credit score is shot then it might be time to consider it. If you have lost a job, or faced medical issues and debt, or retired with huge debts, or if the debts have just been building for many years then it might be time to consider it. (See here for additional reasons of why you should file for bankruptcy).
Don’t just put off the filing bankruptcy because the problems and the debt won’t go away. The creditors will keep calling and will keep selling your debts to other collectors who will take the same actions. Eventually they will sue and get judgments which could result in your wages being taken or your bank account being taken or your house being liened and sold. Your credit score will never improve as long as you are in this cycle and you will have no peace.
The good news is that bankruptcy can eliminate all of this negativity and give you a fresh start in life. You can get the creditor calls to stop immediately even before you file bankruptcy if you hire an attorney to represent you concerning your debts. The Fair Debt Collection Practices Act states that all calls must stop once you hire a lawyer and all of those calls must go to the lawyer.
Once you file bankruptcy a “stay” descends upon you and everything you own. This stops any and all attempts to collect these debts. This would include any lawsuits that were filed against you as well as any garnishments or other collection efforts. Even some of the money taken by garnishment or attachment can be returned to you. Contact an attorney for this step.
Once you receive your bankruptcy discharge then you are no longer legally liable for those debts and they are effectively extinguished. The former debts will appear on your credit report now as “discharged in bankruptcy” and they will no longer drive down your score each month. The bankruptcy itself will lower your credit score in the short-term but you can rebuild your score in the long-term. You will get new credit and use it wisely and rebuild your score that way. People have financed homes in as little as two years after a bankruptcy.
So bankruptcy can do a lot for you to eliminate your debts and give you a fresh start but most of all it will give you piece of mind! Now what is that worth?
I am a San Diego bankruptcy attorney. Please visit my websites for more help at www.farquharlaw.com or www.freshstartsandiego.com. Or call for a free consult on any bankruptcy or debt issue. at (619) 702-5015. Call now for a free credit report and analysis!
If you or someone you know may need to file a bankruptcy then please get my FREE E-BOOK: “13 THINGS YOU SHOULD DO TO PREPARE FOR YOUR BANKRUPTCY FILING” by e-mailing me at firstname.lastname@example.org.