Managing an insurmountable amount of debt can be nerve-wracking. Yet, the prospect of filing for bankruptcy may leave you anxious about how bankruptcy could affect you both now and in the future.
Contemplating bankruptcy is stressful enough, what with the financial pressure and your own expectations resting on your shoulders. While having to find and work with a bankruptcy attorney may sound like an additional chore, in reality, it should offer a bit of relief. Especially if you know what to look for.
Though regular readers of our Louisville Bankruptcy Law Blog have certainly heard of Chapter 7 and Chapter 13 bankruptcies, not everyone is sure of differences between the two.
If you’re struggling with significant debt but can’t bring yourself to consider bankruptcy, it may be due to the stigma associated with bankruptcy and the narrative that is too often attached to people with debt problems. The narrative goes like this: people who file for bankruptcy were irresponsible with money, accumulated too much credit card debt and lived beyond their means. They didn’t want to pay the money back, so they filed Chapter 7 instead.