Many years ago the word bankruptcy had a negative connotation. How things have changed.
Today Bankruptcy is viewed as an honest solution to difficult debt problems.
Normal people and families with one or even two persons employed do not have an easy time making ends meet.
That is because keeping up with a monthly budget is difficult for many families. There are mortgage payments, car payments, gas, electric, water, phone, cell phone, cable, food, clothing, laundry, auto insurance, gasoline, doctor bills, health insurance, school tuition, and the list goes on and on. And that is before you even get any recreation, give any charity or get a hair cut.
If a persons hours are cut at work, it can throw a budget totally out of wack. For a person living paycheck to paycheck, even the slightest unexpected expense can have disastrous consequences.
In addition, If a person gets sick, he or she may be hit with enormous medical bills, even if the person has health insurance. Furthermore, they may also lose the income which is desperately needed in order to pay the monthly living expenses.
Providing a fresh start is what the bankruptcy laws are all about. Bankruptcy is often the best way to erase debts and stop harassment by bill collectors. Bankruptcy is nothing to be ashamed of or feel guilty about. Sickness, injury, divorce, death, job loss, gambling, retirement, or money mistakes can cause financial disaster to anyone, despite the best intentions.
Is it any wonder that today people from all walks of life need to file bankruptcy?
Who files Bankruptcy? .
Doctors, nurses, police officers, firefighters, contractors, computer programmers, highway workers, church employees, bus drivers, hospital workers, office workers, factory workers, food service workers, school teachers, lawyers, postal workers, government employees and Court employees, union workers, TV Reporters, Company Executives, self employed persons and people from all walks of life as well as people who are unemployed or are on social security.
Even Bankruptcy Court employees have needed to file bankruptcy.
The Bankruptcy Code was put into the law by Congress in order to allow a person to get a fresh start, if they encounter a difficult financial situation which is not easy for the person to overcome.
Bankruptcy laws help good people in tough times to get a fresh start.
For some people the only way to save their home or their car, stop a garnishment or a lawsuit or creditor harassment is by filing bankruptcy.
For many people, the end result is a decision that they are not only happy with, but they say they wish they would have come in to file bankruptcy earlier. They could have filed at an earlier stage and avoided the feeling of being overwhelmed and stressed out. This would have allowed them to have a fresh start earlier and begin enjoying life again!