Bankruptcy, a Viable Option, Not the Bottom of the Barrel

Posted on January 8, 2011

With 15 million people jobless and about one in four homeowners underwater on their mortgages, many people have learned that charging today on the belief that they can pay tomorrow is a dangerous trap. For the first time since the Depression, the economy has pushed people who never would have dreamed of bankruptcy to ask themselves whether they dare file now.

Following a lull in bankruptcies after Congress tightened rules in 2005, personal bankruptcies are increasing. According to the U.S. government, about 1.5 million Americans filed for bankruptcy in the 12 months ended Sept. 30, a 14 percent increase over the number who filed during the 12 months ended Sept. 30, 2009.

Fear holds many back, as they worry their financial options will be ruined for life. But that is hardly the case, Experts agree that bankruptcy does not ruin your life, but they emphasize that those considering it should look into other options, including working out new arrangements with lenders. People who are serious about putting their lives in order often can get a home loan two to three years after coming out of bankruptcy.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact MATTHEW T. DESROCHERS, ESQ. at (857) 244-1940 or fill out the form on the right.

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