Not Alone Filing Bankruptcy

Not Alone Filing Bankruptcy

You are not alone filing bankruptcy. As this US Magazine story portrays, even celebrities file for bankruptcy. Even celebrities who earn millions file for bankruptcy. Why? The answer is simple. Debt beyond the ability to repay is a recipe for bankruptcy. This is true whether you earn millions or much less. If you cannot afford to repay your debts, bankruptcy may be the solution.

Knowing you are not alone filing bankruptcy is often a comfort to those considering bankruptcy. Thoreau was right when he spoke of people leading lives of quiet desperation. This is especially so when dealing with debt. Feeling you are alone in your debt dilemma needn’t be. Millions of others live under the canopy of debt, often believing they are alone in their plight. They are not.

Credit availability is, obviously, tied to debt. And credit availability is now back. Much of credit market dried up during the great recession in years past. Now credit is back. So is debt. And along with it the need for debt relief. There is no more comprehensive or complete recovery from debt than filing for bankruptcy. Again, that is why you are not alone filing bankruptcy.

The basic premise of not being able to afford your debt is a simple concept. It is also the key to your bankruptcy eligibility. If you cannot afford to repay your debt, bankruptcy can eliminate it. Your debt can be eliminated entirely if you cannot afford to repay any of it. This is normally known as a Chapter 7 bankruptcy. If you can afford to repay a portion of your debt, bankruptcy law requires you do so. This is known as a Chapter 13 bankruptcy. Either way, bankruptcy offers debt relief by discharging, or eliminating, your debt. No matter your debt problem, bankruptcy can help. Know, too, you are not alone filing bankruptcy.