This should not discourage you to start a new debt-free life. Having an unstable financial record does not necessarily mean you cannot start on a clean slate. A lot of people have gone through bankruptcy procedures and have been successful in the aftermath.
Before filing for bankruptcy it is important you understand all the necessary proceedings and laws, as well as the type of bankruptcy you will be filing. You may find that the help of a bankruptcy attorney at this stage is essential, if you want to avoid making mistakes and incurring in court penalties and claims for fraud. A bankruptcy attorney will know whether your home or car are protected from liquidation and will defend you from creditor harassment and any further claims against you. Only a specialist in bankruptcy proceedings can be informed of the procedures in such cases and will save you money and time.
It can be stressful having to deal with enormous bills and at times we simply cannot cope with this overload. Even after various attempts to re-organize your financial budget, your financial situation is still precarious and you cannot see a possible escape route.
Many people regard bankruptcy as a failure and greatly fear this plan of action. In reality filing for bankruptcy is not a failure, it is often your best and only option. Once you have cleared your debts you can start anew, and come out from the stressful situation you were deeply immersed in. You will be free from the harassment of your creditors and can rebuild your credit history and remedy for past debts.
Filing for bankruptcy does not mean you can no longer ask for a loan or credit card. You can, and in most cases will be successful in obtaining what you need, for creditors realize that your past experience will serve you as a guide. Whatever plan of action you decide to take, remember that consulting with a bankruptcy attorney will be essential if you need credit counselling and debt management advice. Only a professional in financial and bankruptcy law can help you recover from your predicament and start a new life over again.