For the past years, so many Americans already concluded that the debts they incurred over the last decade is very impossible to pay off all not unless they win the lottery. History shows that when someone consider on filing for bankruptcy, they immediately think that Chapter 7 is the best selection. Simply because Chapter 7 bankruptcy does not require any form of repayment and with the bankruptcy discharged all debts are wiped out. In the earlier period, bankruptcy passed a dishonour of failure or dishonesty. Many would tag someone who has failed to pay his debts accordingly as liar or loser. Even if this stigma if so far from the reality, no one could exactly predict the bursting of real estate bubble and how the financial markets almost collapsed in 2007.
After this horrifying event, filing for bankruptcy turned mainstream and stopped the long accepted stigma. Experts believe that such stigma was even started with no less than the credit industry. Because the creditors and debt collection companies spend so much time trying to discredit the motives of why need to file for bankruptcy.
If you really want to consider filing for Chapter 7 because you want to reduce your enormous debt, you have to weigh the positive points from the negative ones. Because we are experiencing tough economic times, no one should lose financial control and be buried in the quicksand of debts. Think carefully before you leap some faith and go for filing for bankruptcy.
Winston I. Cuenant, Esq., is a highly talented French speaking attorney Miami who can extend his helping hands to guide towards a successful legal battle. He can handle case in real estate, civil litigation, filing for bankruptcy and more.