Finances can cause a lot of headache, grief and downright fear about the future. Being in that situation where your finances are out of control and you are forced to make decisions of either buying food and gas or paying your credit card bills is a bad place to be. And being harassed by debt collectors doesn’t help the situation.

Bankruptcy provides a way out of your financial mess. The two most common forms of bankruptcy are a Chapter 7 bankruptcy and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy is known as a liquidation bankruptcy. This means that your debts will be wiped out once your bankruptcy case is discharged.

A Chapter 13 bankruptcy is a payment plan bankruptcy. This means that you will typically pay back to your creditors a portion of what’s owed. It’s case specific.

Each case is different and based on your specific facts. There are certain exemptions you are entitled too, if they are applicable to your situation.

Everyone has a different relationship with money and spending. Obviously, if you are considering bankruptcy, you may need to work on your relationship with money. Hey, it’s not a bad thing. Life is about learning.

Bankruptcy is our Constitutional right. The Constitution (Article 1, Section 8, Clause 4) states the Government shall have the power to establish “uniform Laws on the subject of Bankruptcies throughout the United States.”

Bankruptcy is not a new thing that came about in our present history. Our Founding Fathers thought about it and added it to the Constitution.

If you are considering bankruptcy and worried about the “stigma” from filing bankruptcy, consider this; Thomas Jefferson filed bankruptcy; Abraham Lincoln filed bankruptcy; Ulysses S. Grant filed bankruptcy; William McKinley filed bankruptcy; Henry Ford filed bankruptcy; Walt Disney filed bankruptcy. The list goes on.

Do you get the idea? Bankruptcy is not the end of your life.

If you are ready to start dealing with your debts and fix your finances, contact me to get started.