There are many ways in which bankruptcy can be right for you, and many issues that can lead you on this path. Bankruptcy can wipe your slate clean, either through straight bankruptcy or a reorganization of your debts.
If your home is risking foreclosure, bankruptcy can stop this from happening and put a payment structure in place for you to pay off your arrears. Bankruptcy can get your car or other property returned to you if it has been repossessed by a creditor. Large medical bills, either on their own or combined with a loss of employment, can create a nearly impossible situation to climb out of. Bankruptcy can help you out of this and possibly reduce or wipe away your medical bills.
Bankruptcy can stop creditors from harassing you, especially if they are pushing the boundaries of decent behavior. It can prevent your utilities from being shut off or restore them if they are already off. Although your student loans will not be eliminated, bankruptcy can help consolidate these debts and allow you to pay them off in a reasonable manner. It will end wage garnishment, allowing you to purchase life’s necessities, and help you challenge fraudulent creditors who are trying to take more than you owe.
Many of these issues can overlap in your particular situation and bankruptcy may be the right way to re-start your financial life with a clean slate.
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