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The 7 Most Important Things You Should Know About Bankruptcy

Filing for bankruptcy is a complex process. After all, you hire an attorney so you do not have to be involved in every tedious step, but a basic knowledge of the process is helpful to fully understanding your options. Macomb County bankruptcy attorney Jeffrey J. Randa wants you to know seven important things about bankruptcy with their firm.

1. You can keep all the stuff you have.

Part of your attorney’s job is to “exempt” or protect your belongings. You can come out of bankruptcy with everything you had at the beginning (assuming you are not the owner of some priceless piece of history or art).

2. Bankruptcy can get you out of a home that has been foreclosed.

It does not matter if you are behind on payments, or even if the home has already gone into foreclosure, you can get out of owing any money on your home property.

3. Bankruptcy will not “ruin” you, or your credit.

Normally, a person can rebuild their credit to a rating that is considered “good” within one year of the time bankruptcy is filed. Clients who claim their home are usually eligible for a mortgage three years after their approved discharge.

4. You can keep your 401K, pension, or other retirement plan.

In virtually every single case, the hard-earned money you have been able to save for retirement will remain intact after bankruptcy. One of the biggest mistakes people make is using their retirement money to pay their current debt.

5. I guarantee you have never met anyone who would honestly recommend a debt repayment or credit counseling plan.

You NEVER will, either.

6. Debt repayment plans do not work.

Budgeting is a great idea. In truth however, it is a lot easier said than done. Even the most detailed budgets go right into the tank if your car breaks down, or you encounter any expense not in the budget. Debt repayment plans are often scams.

7. Bankruptcy is an early option to get debt free.

Bankruptcy does not need to be the final option. Does staying broke (but, on budget) for the next several years sound like a good idea? Do you think you really have the time and money person to pull off a television debt reduction scheme? Are you going to win the lottery tomorrow? Do you want to cut your own hair, live on hot dogs and beans, and take the bus to work? There is no need to attempt all of these strategies before filing for bankruptcy. It does not have to be your final option. It can, however be your best option, as it was for GM and Chrysler, who are now financially secure after getting rid of the debt holding them back through bankruptcy.

With these important facts in mind, consider if bankruptcy is the right option for you. Ask yourself this: Do you REALLY expect something to happen in the next six months that will (magically) get you out of debt?

If not, then take control of your life and money. Say goodbye to your bills, and get a fresh start! You can get rid of your debt and start fresh in as little as four months. Speak with an experienced Macomb County bankruptcy lawyer at the Law Office of Jeffrey J. Randa today.

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