Does Bankruptcy Ruin Your Life? - No. Most People Benefit.
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Does Bankruptcy Ruin Your Life? No.

If bankruptcy could ruin your life, it is doubtful that Congress, the U.S. federal court system, and millions of successful filers would have encouraged the development of personal bankruptcy in the United States.

Perhaps a better concern is whether debt can ruin your life. Without a doubt, too much debt can make life miserable. Bankruptcy has helped many people escape debt and restore their financial lives.

To learn more about the effects of bankruptcy, connect with an attorney in your area for a free consultation by filling out the brief form below.

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If Bankruptcy Ruins Lives, Why Do So Many People File?

The primary types of personal bankruptcy, Chapter 7 and Chapter 13, are designed to eliminate debts so a filer can restart their lives with a clean bill of financial health.

Each year, hundreds of thousands of people seek debt relief by filing bankruptcy. Most of these people determined that the prospects of debt relief far outweighed the effects of bankruptcy.

The twelve-month period ending in March of 2010 provides some telling statistics about the usefulness of bankruptcy. According to U.S. Bankruptcy Courts, that year saw:

  • A total of 1,531,997 people filed for personal bankruptcy.
  • 1,100,032 of these filings were for Chapter 7 bankruptcy, which may help eliminate some or all of a person’s unsecured debts.
  • 415,966 of the filings were for Chapter 13 bankruptcy, which allows debtors to keep their valuable property, including cars and homes, while sorting out their debts.

The remarkably high filing figures suggest that bankruptcy is now accepted by many Americans as an effective method of debt relief. And you can rebuild your credit after you file for bankruptcy - while it does stay on your report for 7-10 years, it also gets rid of all that old debt and you can rebuild that score.

Connect With a Local Bankruptcy Lawyer

A local bankruptcy lawyer can help you familiarize yourself with the bankruptcy process, your state's bankruptcy laws, and can provide more information regarding the pros and cons of personal bankruptcy.

Rather than ruin your life, bankruptcy may help you prevent debt from crippling your future financial prospects. Contact a local bankruptcy lawyer today for more information.

Free Case Evaluation

Tap to Call - (877) 250-8242

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