Clear Debt Solutions

This personal bankruptcy story was posted on the internet in January of 2011 as comments in a bankruptcy discussion: “I need to file so badly. I have lost everything and I need a place to stay (temporarily staying with a relative and I have to be out at the end of the month) and a car and I have neither. My credit score is in the very low 500s and I don’t have the money to pay anyone. I’m trying to get the money up just for a BK and that’s coming slow. I hope my life improve here and I don’t have anything to lose, so why am I so scared to file? I almost feel like I am jumping in water too deep for me to swim and I’m drowning in the pool I’m in. I was going to try and work with my creditors and see if I can get some pay for deletes, but one of my good friends is telling me to forget them and look out for me. I have to be crazy. I feel like I’m committing an act that I will never recover from. Please someone tell me that it will be okay and I will survive. I need to hear that right now over and over. I’m scared folks. Really scared.”

The debtor in this personal bankruptcy illustration is facing the possibility of having to file for bankruptcy protection and wonders why he is so scared to file. That is a good question, but the very need to ask the question is a good indicator he is probably one of the ones who really needs to file for bankruptcy protection the most. Most likely, our debtor is afraid for a reason. He states he had lost everything and wanted to negotiate with his creditors. Both of these are sure indicators he was in financial trouble, but not only can being scared indicate he has difficult problems facing him, it may also indicate his fears stem more from ignorance of not knowing what he ultimately faces. If the latter is the case, the good news is that education can correct ignorance and help remove the fears.

So, contrary to popular belief, there is life after bankruptcy. As you should be able to see from this illustration, bankruptcy can happen at anytime and to anyone and is no a respecter of persons, but like most things that occur in life, it can be overcome. If you recognize bankruptcy for what it is, a temporary condition in our lives, you should eventually be able to overcome the temporary state of affairs.

Simply put, filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh. This legal proceeding is guaranteed by our Constitution as a legal right for every American citizen needing protection. As a society, we have come a long way since the days of debtor prisons and states. The Constitution provided for our protection against those antiquated ways when it gave Congress the power to legislate bankruptcy law making the primary laws governing bankruptcy federal. State laws supplement the federal laws by clarifying the necessary details. Since bankruptcy is backed by both federal and state laws, there is really no reason to view a bankruptcy protection as anything other than a tool used by our society to potentially help alleviate a bad financial situation between two parties.

Once the bad situation has been eliminated, you can start over with a new start financially. Some advantages bankruptcy protection might offer a bankrupt debtor is that you can obtain an automatic stay which means the mere request for bankruptcy protection automatically stops and brings to a cessation certain lawsuits, foreclosures, utility shut-offs, evictions, repossessions, garnishments, attachments, and debt collection harassment, filing might save your home, you can reschedule secured debts, you can receive protection for co-debtors you can keep all non-exempt property, you can consolidate all your loans under one plan, all or part of your loans may be completely forgiven, and you can extend certain tax obligations, student loans, or other such qualifying debts.

Bankruptcy laws can be complicated, and common sense indicates you will probably need a bankruptcy lawyer in order to properly understand how these complex laws may apply in your situation. If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan area of GTA Ontario, contact us today at www.cleardebtsol.com . We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.