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Posted by: Maricopa Lawyers on Jan 17, 2013

Bankruptcy is now a commonplace term in the mainstream media; as former celebrities become unable to afford their previous lifestyles and companies lose profits with the weakened economy, it is all in the news. Contrary to the television though, it is not just people in the spotlight which opt for bankruptcy; it is also the hardworking families and local businesses which decide to file.

If you are struggling to make ends meet, drowning in debt, and have bill collectors calling you constantly: you may want to think about filing for bankruptcy. Although it can seem intimidating, sometimes bankruptcy can be your best option.

There is a common misconception that you will lose everything when you decide to file for bankruptcy, which is rarely ever the case. Many states have varying laws dealing with protection of property, although it usually does not cover liens.  So unless you are not current on your payments, you should be able to keep your assets.

Filing for Bankruptcy stops creditors from contacting you, which means they will not be allowed to call or send letters anymore. If they do, they may face Contempt of Court, in which the creditor may be severely punished.

When you are facing severe financial details and you may lose your home, bankruptcy can help with avoiding foreclosure and eviction. Although results vary from case to case, filing for bankruptcy could help your credit score when you are trying to obtain new housing, as well.  Once good credit becomes re-established, the banks will be after you again, only this time to sign up for new cards!

If you are considering filing for bankruptcy, be sure to contact an experienced attorney who can help protect you and your family. Having someone with the knowledge and expertise to guide you through the sometimes complicated process can help you get on the fast-track to a fresh start.