Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.
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Obviously, having to declare bankruptcy is not a good situation to be in. But if you're drowning in debt with no other way out, it may be the best solution to your problems. And the good news is that declaring bankruptcy is not quite the nightmare it's often made out to be. Here are four things you may have heard about bankruptcy that are not true.
Your name will be printed in the paper.
Do you fear public shame, and is that fear of shame keeping you from filing for bankruptcy? Years ago, the names of people who filed were printed in papers, but the purpose of this was not to shame them. It was to notify their creditors that they had filed so those creditors knew to stop trying to collect on debts. Today, the bankruptcy attorney or courts will just contact your creditors directly. Nothing will be printed in the paper. You don't have to tell anyone what is going on if you do not want to.
Most loans won't be forgiven, anyways.
There are some types of debt that are not discharged in bankruptcy: student loans, tax debt, and alimony or child support payments are the most common non-dischargeable types of loan. But credit card debt, medical debt, and all other consumer debt is dischargeable. For many people, the majority of their debt does fall into these categories. Even if bankruptcy does not erase all of your debt, by erasing the debts that are able to be discharged, you will free up more income to put towards non-dischargeable debt.
You won't be able to take out a loan again.
It will be harder to get a loan after bankruptcy. However, there are banks who lend to people with less-than-perfect credit, so a loan will be possible if you absolutely need it. And chances are, you won't want to take out more loans after bankruptcy. Avoiding debt, when possible, will make sure you don't end up in the same situation again. And after about 7 years, the bankruptcy won't affect your ability to take out loans anymore.
Filing for bankruptcy means you have failed.
Do not think badly of yourself if you have to file for bankruptcy. Bad things happen to good people, and if you lost a job, had unexpected medical bills, or have been dealing with a spending addiction that landed you in this situation, the best thing you can do is find a way to climb out. Bankruptcy is a way to seize the opportunity to start over.
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