To File or Not File Bankruptcy?

Many people fear bankruptcy. Bankruptcy is public; it requires someone to admit the truth of about his finances. When filing bankruptcy, a debtor uses the official court forms to disclose his assets and liabilities. On the first page of a Chapter 13 bankruptcy petition, for example, a debtor completes name, address, social security number. If the person’s spouse files also, the spouse must provide name, address, and social security number. Each debtor executes the bankruptcy petition. Official bankruptcy forms are downloadable at

Unless a court orders otherwise, a New York debtor files with the court:

• schedules of liabilities and assets;
• schedule of current income and expenses;
• schedule of executory contracts and unexpired leases; and
• financial affairs statement.

When an individual needs a fresh start, he cannot let scare take over his head. Not everything that seems in life scary actually is. The mind can control fear. To get another opportunity to win in life, be willing to fail. In order to win, an individual needs to want it. Few things in life are worth winning if a person does not fight for it. Bankruptcy gives a debtor power.

Bankruptcy is powerful. It lets someone take control of his fears. The automatic stay stops creditors from suing or calling. Each person does some things in life that he does not know is wrong in the moment – spending too much money on family and friends, investing in an idea, getting into the wrong relationships. Bankruptcy lets someone step beyond who he is and where he is. It brings hope over circumstances. Any worry that enters the mind can be let go because right now there is nothing to be done about the past.

Bankruptcy is like magic that lets someone look forward not back to how life is suppose to be. The past is set aside. Bankruptcy may seem cruel and unfeeling when a trustee asks a debtor questions to get at the possessions he may need to give up, but bankruptcy makes old debts and ties irrelevant. It brings optimism. Bankruptcy frees someone from everything he holds on to.

One difference between those who flop and those who succeed is how they manage the unexpected that puts them in debt. Every life brings unforeseen disasters and hassles – a sudden car accident that makes someone incur huge medical costs, a layoff that leaves someone unemployed for over years, a failed professional exam that leaves someone with unpaid student loans. Bankruptcy lets someone keep trying when things are difficult.

Those who survive economic hard times are those who have the ability to step out of fears even when they feel great pain. Contact an experienced New York bankruptcy attorney to learn bankruptcy options so debts do not get in the way of intentions to live.