Filing for a bankruptcy isn't the end of the world. After all, we live in a debtor's society but some people just cannot handle credit cards and bills. Many people are not planners, they do not use a budget, and most don't think about what they are spending until the credit card bill comes in. Debt can get you into a lot of trouble. Untamed debt can cost you your home or your vehicles. Fortunately, if you are considering bankruptcy, there are a couple of options available to you.
First, there is the Chapter 13 filing. Chapter 13 allows the debtor to pay back the creditors he owes within a time frame set by the court. The debtor must have a stable job to be approved for Chapter 13. They must also be able to prove that they can live on their income and pay back the debt within the time frame and not miss any payments. Failure to make a monthly payment will cause the debtor's case to be dismissed. A Chapter 13 stays on your credit history approximately 7 years. Within a Chapter 13 the debtor is able to keep most of his assets.
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The second type of bankruptcy is a Chapter 7 or "liquidation". Once a Chapter 7 is filed your creditors receive a notice of "Order for Relief" or an "automatic stay" which shows your creditors that you have sought relief from your debts and they are not allowed to continue to collect (at least temporarily). During the proceedings of your bankruptcy, you are appointed a Trustee to help you in the following months while your case is in court. Your lawyer is also there to help you in case you have any questions. You will have to attend a creditor's meeting and during this time there may be some property you own that is non-exempt and you may be ordered to surrender this property but most of your assets you will be able to keep.
In either case, just know that you are not alone. Millions of people have had to file a bankruptcy so they don't lose their homes or because they are just way in over their heads with debt. You will be able to continue a lifestyle that is comfortable but in doing so hopefully you will be better tuned in to your financial situation.
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