The bad form of bankruptcy
If you find yourself in a situation whereby a chapter 13 bankruptcy is not working, then you might want to hire a bankruptcy lawyer or attorney to help you. They will probably advise you that the next step is to consider chapter 7 bankruptcy. Many people fear chapter 7 bankruptcy because it has the ability to ruin your credit rating for a minimum of ten years. The role of the bankruptcy lawyer or attorney will be crucial in this type of bankruptcy because of the implications that it can have for your life and those of the people around you. Chapter 7 is not a selfish decision to be taken lightly but one which you have to agree with your closest family members.
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I once again have to emphasize that you should not be too ashamed of yourself just because you have had to resort to bankruptcy to deal with your immediate problems. Many people in the community may be in similar situations but they might not inform the general public. I am sure if the internet was allowed to publish all the credit histories of your neighbors, you would find some very interesting reading. I would advise that you accept your situation and visit the bankruptcy lawyer or attorney at the earliest opportunity so that they can give you detailed advice.
What happens under chapter 7?
The basic mechanics of chapter 7 is that you simply take your assets and liquidate them to try and pay off what you owe. Specific state laws may dictate that certain assets cannot be attached but again these are very restrictive. The upshot is that you will be in a lot of trouble. Your bankruptcy lawyer or attorney will be able to advise you on the jurisdiction within which you lie and any exemptions that you might be able to make. Under no circumstances should you consider going on your own. Remember that the creditors are not out to protect your interests. All they want is your money.
Chapter 7 bankruptcy is usually associated with individual couples who may not be able to meet their obligations. Therefore it is imperative that your spouse is aware of what you are doing. Your bankruptcy lawyer or attorney might remind you of this requirement if he thinks you are deliberately keeping the other party in the dark. The worst thing that can happen to a relationship is that you lose your assets as well as your love over bankruptcy.
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