In the simplest of words, bankruptcy is one of the hardest financial events that can happen to a person or an organization. Most people would consider it as rock bottom as the uphill battle after bankruptcy is extremely difficult.
However, if you have to declare bankruptcy, now is not the time to sulk and let fate have its way with you. Bankruptcy is a federal remedy designed to help you in this event of turmoil, but you will only be able to make full use of it if you know how to go about it.
What is the solution?
The first thing you need to do is hire a bankruptcy attorney from New York or from wherever you live. Explain your situation to the lawyer, and tell him the following things:
1. What led to this situation
2. How much money you owe to lenders and credit card companies
3. What current source(s) of income you have
4. How many assets you have to your name
An attorney will help you present your case in a court of law in a way that you can get the maximum benefit. The very first thing that you need to know is under which chapter you should file your case. A good bankruptcy attorney will carefully analyze your situation and let you know if you should file under chapter 7 or chapter 13.
How will you benefit?
The idea of filing for bankruptcy is to gain the ability to pay your debts over an acceptable period and/or have the interest rate waved off to a certain extent. If you file for bankruptcy successfully, you will not just be able to get back on your feet, but also be able to avoid being humiliated or harassed by lenders, or whomever you own money to.
You should not feel embarrassed or ashamed to file bankruptcy. It’s common to see people getting injured, sick, or having to take the brunt of someone else’s actions in one way or the other. Regardless of why you became bankrupt, everybody deserves a second chance.
