Law Offices of Buddy D. Ford, P.A.

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Filing for bankruptcy does not make you a failure

In the game of Monopoly, going bankrupt takes you out of the game. Fortunately, in the game of life, the repercussions are not quite so severe.

Still, there is a stigma associated with bankruptcy that can cause consumers to hesitate to file even when they desperately need the financial relief that filing for bankruptcy can provide. While we understand your reluctance, we also encourage you to explore all avenues of debt relief that are available to you — bankruptcy included.

Truthfully, there is far less negativity associated with the discharge of debts through bankruptcy. This is especially true when filing for bankruptcy under Chapter 13 instead of Chapter 7. Whereas Chapter 7 can wipe out most (if not all) debts within months, filing under Chapter 13 is a three- or five-year process where the debtors are actively paying down their debts to their creditors in monthly payments made to a trustee.

It's natural to vacillate when making this major financial decision. We realize that our clients actually want to repay their debts, but often their financial situations are too precarious to allow them to do so.

Separating the shame from the act of filing for a Chapter 13 bankruptcy can be challenging. Learning all you can about the process can help you push aside your negative feelings and come to embrace the debt-free future that you can have once your remaining debts have been discharged.

Don't stay stuck in the pit of debt. Allow us to help you get back on solid financial footing by filing for bankruptcy under Chapter 13.

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