Filing for protection from creditors under the U.S. Federal Bankruptcy statutes has long been associated with financial and person failure, so much so that many people put off filing, even after months of being hounded by creditors and knowing that they will not be able to avoid it.
This stigma inhibits people in obtaining the relief and financial help that they need to get control of their debt situation and start on the road to restoration of their financial life. In this aspect, it is both critical and very helpful to obtain the counsel of a bankruptcy law practitioner.
Not only will the bankruptcy attorney or firm be helpful in making the essential elections necessary in filing a bankruptcy petition, but in most cases, will alleviate the need for the petitioner to appear in court in conjunction with the process.
According to bankruptcy a law practitioner Justin Mishkin of the Integrity Law Group in Seattle, “one of the most important reasons to seek proper representation is to help understand that shame should not be a factor when filing for bankruptcy protection.” Mishkin sites fear and trepidation as reasons many people avoid the unpleasant connotations of bankruptcy, even in seeking an initial consultation.
For many people, even an initial consultation to see if bankruptcy may be the proper course of action to take in dealing with personal debt can be a bitter pill to swallow. Many myths do not help either, especially ones that suggest that recovering from bankruptcy is an impossible stigma to overcome. This is actually one of the chief reasons for seeking legal representation when debt becomes too much. Without the experience and understanding of federal and local bankruptcy laws, many of these myths will remain all too real for the people who need help.
Myths and misunderstanding of the process and its implications hampers many in considering seeking relief. One of the many myths associated with the bankruptcy process is that a court decreed liquidation of debt will ruin credit and the black mark will remain forever.
This myth contains a grain of truth–the bankruptcy action will remain on a person’s credit record for up to ten years–however, a person who files for bankruptcy protection can begin re-establishing credit right away, in most cases while keeping a house and car. An individual’s credit score will improve after discharging all the debt, and after a period of restoring a record of responsible management of debt, credit grantors will likely begin to approve extensions of credit again.
The embarrassment of going to court–an aspect of the process that is off-putting to most filers–can often be obviated by having legal representation who can take care of all of the court proceedings without the petitioner attending.
Once the bankruptcy petition is filed, the process provides immediate relief from creditors, who are then required to stop contacting the debtor, resulting in an immediate peace of mind. In addition, attorney Mishkin says, the bankruptcy process is in no respect as embarrassing as being sued in court by creditors, which almost invariably generates bad publicity for the debtor, including notices published in the newspaper, unexpected legal service, etc.
“In many ways, it is a perfectly healthy outcome for people who find themselves in an uncontrollable situation, brought on by accident, health issues or loss of job. Its primary purpose is to allow people to re-enter this system with a second chance.”
This article was written by John Marks, a publisher blogger and online research, on behalf of: http://www.consumerbankruptcyattorney.com/