For a variety of reason, I seem to have the subject of fear on my mind and how it relates to bankruptcy. Perhaps it is because my beautiful son is six months old and doesn't seem to be going anywhere. I may actually have to figure this parenting thing out. I'm certain all of us are scared to death when we face situations like what the heck to do with a new child.
The issue with fear, however, is whether we are going to face them. Children have a way of making you face them. Often times their voice is contorted in such a way that it makes it impossible not to face them. We end up facing them and somehow figure out our own way forward. Even if the way we find is not perfect, (and, uhh, it's not) we do find a way. The concern I have today is how many other fears we have that we are not facing.
Bankruptcy Court, Bankruptcy Lawyer Fees, Chapter 13 Bankruptcy Attorney,
I am helping people use bankruptcy to claim a new and better future. Often times people who need this have a tremendous amount of anxiety and fear about claiming this new life. I could very well be wrong, but a lot of the time, I think the fears we have relate to what we believe others will think about us. What will my blank think if I file bankruptcy? You can feel free to insert in the blank business associates, professional colleagues, wife, family, children, neighbors, friends, future employers, future employees or any other person you can know.
Even when we figure out the math and it is painfully obvious that bankruptcy will provide a tremendous amount of relief that will improve our lives in a great many ways, that fear often induces people into a state of inertia in which the decision to better one's life is never made. Furthermore, when we don't make the decision to better our lives through bankruptcy when it is the obvious path to alleviate pain, we are choosing to continue down the path that got us in the painful situation to begin with. And if the reason we choose not to walk on the path that leads us out of pain because we are scared of what other people think, then we are living for someone else and that sucks.
So let's talk about one of the benefits a bankruptcy can provide. Chapter 13 is a way to repay some of your debts when the normally more advantageous Chapter 7 isn't possible or advantageous. There are any number of reasons you may find yourself in a Chapter 13- from you make too much money, or you want to save your house or your car, or you have some debts that must be repaid no matter what. If you find yourself in Chapter 13, there can be a huge benefit in regard to your car.
Pretend you have a car you love and want to keep after bankruptcy. Often times the car's value to you doesn't really translate to the Kelley blue book value or what you owe on it. So perhaps you 2009 Mini Cooper is worth quite a bit to you, but the blue book value ends up being around $9,000. The trouble is your loan seems to stay at around $18,000. And the interest rate keeps steady at 13%.
If you found yourself in Chapter 13 Bankruptcy for one reason, I would tell you that your interest rate will go down to 5%. And the principal is going to be reduced to the blue book value. Yes, that means you will have a new obligation for the car at $9,000 in principle and 5% interest. That is a huge benefit.
Often times, facing bankruptcy can be a very fearful situation we will ever have to overcome. But if the fear comes from what other people are going to think about us, which leads us to decide we are going to turn down outstanding deals like what can happen with your car in a Chapter 13 Bankruptcy, then our situation simply will not improve as drastically as it can.
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