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Did You Know You Are Not Alone? (What is bankruptcy)

Growing up black you are told so many interesting things, that will stick with you for the rest of your life. I know for a fact one of the things you were told was that “nothing is better than having your own.” At some point an adult expressed this to you, and I am for certain you heard it over and over again. As a young child you are taught that if you heard something from more than one person it is most likely correct. Because you are told this at an early age you are anxious and can not wait until the day you can have your “own”.

A few days after you turned 18 you applied for a Sprint account and got your phone in your name right? I am sure you did because Brittany has her phone in her name and it is the coolest thing in the world. You want to know why? It is super cool because when she is out of line her mom can not take it from her or monitor her calls. That was all it took to convince you to get your plan. You applied for that Nordstrom’s credit card as soon as you became 21. Buying a $500 purse with someone else’s money felt amazing I bet. What was more amazing was the fact you only had to pay $35 a month of your own until that equaled about $500 and a few more bucks. As much as Brittany knows you are that friend that aspires to be like her I bet she did not tell you that you can only make a certain amount of payment arrangements until Sprint clips your phone line. The sales clerk who helped you sign up for your Nordstrom’s account forgot to mention that when you are late or miss making that $35 payment they add a larger interest rate. Interest means you owe them more. That more eventually adds up.

What about the time you got your very first preowned vehicle. All you had to do was put $1000 down and pay $300 a month. You could not wait to drive and spend too much money on gas. You did not worry about insurance because the car sales man had a plug. This meant that for a couple of dollars more you could drive off of the lot. You for certain would worry about getting car insurance IF you ever got around to it. All that mattered was that you were styling and making snapchats in your new car. You were so amped about getting something so new and bossy you did not read or realize that you took out a 20,000 loan to get a 10,000 car. Sooner than later something horrid happened and you stopped paying that note because the car was not worth it. Guess what? You lost your job too. God feels for and forgives you for all of these things but creditors do not! You still owe these businesses their money and they trusted you to be able to pay them it back. They do not care what you are going through, they still want their coin. Not being able to pay them has made your credit score lower than the floor. Now you can not get approved for anything. If you do not have all of the cash for an item upfront you are shit out of luck. What do you do now?

Stop stressing. There is a solution for everything. Find a trustworthy lawyer and file bankruptcy. To be bankrupt means that by law you are unable to pay outstanding debts. To file bankruptcy is a legal procedure that will help you get rid of your debts. Chapter 7 and Chapter 13 are the most common bankruptcies. Chapter 7 bankruptcy typically last between 3 to 6 months. This normally falls under the category of liquidation. This means your property could be sold in order pay back your debts. The good thing about this is that certain things can not be sold like your car, furniture or your clothes. One main benefit from filing Chapter 7 bankruptcy is that any unsecured debts will be wiped out. Un secure debts are debts that are not guaranteed by collateral. Chapter 13 is for people with a reliable source of income. When filing Chapter 13 bankruptcy the client must work with the federal court to come up with a repayment plan. You must stick with this plan over the next 3 to 5 years. The amount you have to pay back is based on your actual current income and how much you have to pay.

Bankruptcy may not sound so great but it is definitely a solution. There are many advantages that will come from filing bankruptcy in the long run. You will be able to rebuild your credit. This process makes old tax liabilities go away. You will owe nothing at all or a small portion of what you previously owed. A new start is always a good feeling. Harassing phone calls and letters will no longer exist also. Are you suffering in debt? Consider researching or making a decision that will relieve you.

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