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Finding Hope When You File Bankruptcy
from:When you decide to file bankruptcy, it usually means your financial situation looks hopeless. Despite what many people think, there is no shame in needing a second chance for a secure financial future. Bad things can happen to good people as the saying goes. In addition, sometimes people simply make poor financial decisions, and the result is they find themselves stuck in a financial morass.
The purpose of the bankruptcy laws is to legally give people that second chance they seek. Anyone who has fallen behind in payments knows that creditors can be diligent and persistent when it comes to collecting their money. Many of your creditors have large and powerful legal teams also that spend all of their time sending collection notices and filing lawsuits. When these kinds of debt collection tactics accelerate, the misery it creates can be devastating. This misery doesn’t just impact your finances, but it can also affect your work and your relationships.
So for many the decision to file bankruptcy is initially one of desperation. But once you meet with the attorney and complete the initial financial assessment forms, the first glimmer of hope is felt. When the bankruptcy notice is actually filed in court, the hope takes hold and becomes one of relief. With the filing comes a cessation of collections efforts enabling you to live a normal life once more.
If you see yourself in this scenario then it is time to consult with a bankruptcy attorney. The bankruptcy attorney specializes in filing bankruptcies under the various chapters and is an expert in the complexities of the law. At some point, you will have to meet with the court appointed trustee, but for most of the process your attorney takes care of any court required appearances and all of the process forms.
Filing bankruptcy is a powerful means of solving debt burdens that you incurred for a variety of reasons. The purpose of bankruptcy is not to enable people to avoid paying their debt, but rather to give people a means of eliminating debt that there is no hope of paying. In fact, chapter 13 requires a payment schedule be established in cases where people are able to pay off some of their debts generally within 5 years.
If you believe you should file bankruptcy, the first step is to consult with an attorney. The attorney will be able to tell you quickly whether you will qualify for filing under the bankruptcy laws. The bankruptcy is for honest people who have made honest mistakes. In some situations the debt is the result of unforeseen circumstances such as hospitalization, death or even a natural disaster.
When it’s time to file bankruptcy, the first thing you will discover is that hope is restored in your life. Everyone deserves a second chance in life!
Bankruptcy Petition News
CPA joins motion to dismiss Fund's bankruptcy petition
The Commonwealth Ports Authority yesterday joined the CNMI government's motion to dismiss the NMI Retirement Fund's Chapter 11 bankruptcy petition.
Read more...CNMI govt joins move to dismiss Fund's bankruptcy petition
The CNMI government has filed a motion to dismiss the NMI Retirement Fund's Chapter 11 bankruptcy petition.
Read more...Govt to fight bankruptcy petition
The central government is planning to fight the bankruptcy petition filed by the NMI Retirement Fund in federal court, according to Fund lawyer Braddock Huesman yesterday.
Read more...US Trustee opposes hiring of Huesman as Fund special counsel
The U.S. Trustee for the District of the CNMI is opposing the NMI Retirement Fund's request to retain Braddock J. Huesman's law firm as the Fund's special counsel in its Chapter 11 bankruptcy petition.
Read more...Senate, retirees group CRA want Fund's bankruptcy filing junked
The Senate and the Commonwealth Retirees Association separately supported yesterday a move to withdraw the NMI Retirement Fund's Chapter 11 bankruptcy petition, echoing the U.S. Trustee and other retirees' request for the U.S. District Court for the NMI Bankruptcy Division to dismiss it.
Read more...