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New Mexico Lawyers Serving New Mexico's Legal Needs Since 1997

Some bankruptcy realities not widely perceived or appreciated

People often hear that filing for bankruptcy will shoot holes in their credit and materially straitjacket their economic freedom in the future.

Fortunately, this isn't true.

At the very outset, a good indicator that it is not is bankruptcy's prominent mention in the U.S. Constitution and its long-recognized status as a legal tool that has helped many millions of American individuals and families regain financial traction and emerge even stronger following a bankruptcy filing.

In a recent media article discussing Chapter 7 bankruptcy and additional avenues for relief one legal commentator notes that many people simply "don't understand" bankruptcy and its myriad benefits.

"You get a fresh start, your credit improves, you don't get collection calls and your relationships improve." 

And, he adds, "When you start over, you're giving yourself an opportunity."

Many people in New Mexico and elsewhere who are confronted by seemingly insurmountable debt challenges and contemplating bankruptcy might believe that they are alone in their thinking and feel that they are doing something wrong by choosing to file bankruptcy instead of paying their debts.

They needn't spend any time losing energy with that thought:  According to official federal court documentation, nearly 845,000 individuals filed for bankruptcy protection across the country last year. Extrapolated, that equated on average to more than 2,300 filings every single day of the year.

One big misconception about those who choose bankruptcy, as noted by one contributor to the above article, is that filers' difficulties are commonly attributed to irresponsible financial management.

The realities surrounding bankruptcy prove otherwise. To a nearly numbing degree, they show the persons seeking the assistant that bankruptcy provides often have experience unexpected adversity, such as a reduction in income or unexpected expenses.

Would-be filiers with quesitons and concerns are often grealtly educated by a candid discussion regarding their personal financial situation and challenges with a proven debt-relief attorney.

What millions of Americans routinely find out regarding bankruptcy and other debt-relief remedies is this:  Bankruptcy is not a life sentence and there truly is light at the end of the tunnel.

At the very outset, a good indicator that it is not is bankruptcy's prominent mention in the U.S. Constitution and its long-recognized status as a legal tool that has helped many millions of American individuals and families regain financial traction and even emerge stronger following a bankruptcy filing.

In a recent media article discussing Chapter 7 bankruptcy and additional avenues for relief, one legal commentator notes that many people simply "don't understand" bankruptcy and its myriad benefits.

"You get a fresh start, your credit improves, you don't get collection calls and your relationships improve."

And, he adds, "When you start over, you're giving yourself an opportunity."

Some persons in New Mexico and elsewhere who are confronted by seemingly insuperable debt challenges and contemplating bankruptcy might believe that they are alone in their thinking or somehow adversely singular.

They needn't spend any time losing energy with that thought: According to official federal court documentation, nearly 845,000 individuals filed for bankruptcy protection across the country last year. Extrapolated, that equated on average to more than 2,300 filings every day of the year.

Here's a flat misconception, as noted by one contributor to the above article: Filers' difficulties commonly owe to irresponsible financial management.

The realities surrounding bankruptcy prove otherwise. To a nearly numbing degree, they show that persons seeking the assistance that bankruptcy provides experienced unexpected adversity, such as a sudden job loss or a high-priced medical emergency.

Would-be filers with questions and concerns are often greatly educated by a candid discussion regarding their personal financial situation and challenges with a proven debt-relief attorney.

What millions of Americans routinely find out regarding bankruptcy and other debt-relief remedies is this: There truly is light at the end of the tunnel.

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