Filing for Bankruptcy can cause extreme anxiety and angst, and it’s not surprising. After all, bankruptcy has received a negative reputation as of late due to not only the credit implications but also moral and ethical questions. Bankruptcy shouldn’t be looked at as the end of the world or as conning your creditors as much as it should be seen as it truly is: a legally sanctioned debt relief tool in order to have a second chance if your personal finances have gotten out of control. Despite the negative press that bankruptcy has received, there are some amazing stories where Chapter 7 bankruptcy has empowered unlucky individuals who were down on their luck and gave them the second chance for financial freedom.
John Beat Unemployment
John lost his job in February of 2016 and despite having been employed for a long period of time at a technical position, wasn’t able to find a new role after more than 12 months of looking. During that period racked up a massive credit card balance by charging necessities like utility bills and groceries to his credit card. He was running out of options, unable to pay the ballooning credit card debt, and was on the cusp or being sued by the credit card companies. John was both nervous and a little ashamed at the prospect of filing for bankruptcy. After talking to a bankruptcy attorney, he was relieved to know how many people filed bankruptcy after losing a job, in addition to, having a professional support system. John received his Chapter 7 discharge which wiped out his credit card debt and while his credit score has decreased he is well on his way to improving it by making on time payments from wages at his new job.
Dawn Beat the Recession
Dawn and her husband owned a small business that suffered tremendous losses due to the economic downturn. Their supplier soon cut them off from lack of payment and the bank called in a business loan they had taken on. To make matters worse, without income from the business they got behind on mortgage payments and maxed out their credit cards. After speaking with a bankruptcy attorney, they were able to use bankruptcy to get eliminate some of the credit card debts and get caught up on their mortgage payments. They were also able to keep all their property in the bankctupty proceedings despite their belief in the stereotype of having to sell everything.
Evan Eliminated Medical Debt
Evan and his wife racked up over $100,000 in medical and credit card debt over a three year period due to medical procedures that weren’t covered by their medical insurance. They were able to qualify for Chapter 7 bankruptcy with the guidance of a bankctupty attorney. Through utilizing their state’s exemptions and settling with one creditor, they were able to eliminate all the medical debt and credit card debt without losing any property.
Bankruptcy Can Eliminate Financial Burdens
These bankruptcy success stories all have a few common threads: bankruptcy doesn’t require you to sell everything you own, doesn’t need to be a shameful or stressful process, and can eliminate the financial problems that keep you up at night. Additionally, the success of these bankruptcy examples all relied on the individuals enlisting the aid of a bankruptcy attorney to help ensure a successful financial finish. They were all surprised about how affordable and flexible attorney’s fees are in a bankruptcy case. Contact your Fort Worth bankruptcy attorney today if you are suffering from a large debt burden and you can get the debt relief you need as well.