Ann Arbor Bankruptcy Attorney - There's No Shame in Filing for Bankruptcy
November 11th, 2009
Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness. They've struggled to pay their bills for months and just keep falling further behind. You are not alone. In 2007, the economy went into a recession and thousands of people are in the same position. The American Bankruptcy Institute (ABI) forecasts that total bankruptcies this year will exceed 1.4 million, the highest number since 2005.
You do not have to worry that anyone will know you've filed for bankruptcy. The chances are very good that the only people who will know about a filing are your creditors and your attorney. While it's true that bankruptcy is a public legal proceeding, the number of people filing is so massive that very few publications have the space, the manpower or the inclination to run all of them.
It is not true that you will never get credit again. You may have many opportunities to get credit card offers again. The problem is that the lenders may charge you very high interest rates. It would be a big mistake to accept these cards and run up the bills again. If you need an automobile you will be able to get credit but again, it will probably be at a higher interest rate.
For more information or a free initial bankruptcy consultation, contact Michigan bankruptcy attorney Lander McLoyd.