Looking for bankruptcy information and feeling your gut gripe, your stomach thump? There is the tendency to be terribly embarrassed by the notion of bankruptcy, and even worse is having to actually apply for it.
Some might feel like horrible people, feel irresponsible, and worse, think they will never recover credit or face again. If it helps any, consider the big wigs who file—Toni Braxton, in 1998; Clarence Birdseye, when he first started his now super successful frozen foods empire--and those like Wayne Newton, who allegedly filed in the early 90s, $20 million in debt; or Suge Knight, who had a supposed $4.4 million in assets but was, he claimed, $137.4 million in debt when he filed for chapter 11.
So part of bankruptcy information includes news of the numbers: almost 2.1 million filed in 2005, according to Levine Breaking News and other wires, many doing so to beat the deadline for new bankruptcy information—new legislation and restrictions—making the number of bankruptcy petitions the most ever filed in a one-year period in history. But besides the kind of bankruptcy information that makes us feel better about filing or the kind that might help us justify having to petition, other bankruptcy information is pertinent, too. The self-help books and workbooks, the do-it-yourself bankruptcies are long, heavily detailed, and contain pages and pages of vital legal bankruptcy information. First, there are different specific laws for the different states, though the majority of the procedure is general and applicable to all states. Next, before filing, the debtor must decide between two kinds of bankruptcy, Chapter 7, or Chapter 11 (or a third, special type, Chapter 13).
Next, the petitioner reports (in a series of forms) assets, liabilities, and offers full disclosure of information on all creditors—names, addresses, phone numbers, amounts owed, etc.. Then, it is also good to know that once you have been awarded, any time a creditor calls, once you inform him or her of your approval date (which happens a few months after you file), that creditor can never "harass" you again. Of utmost importance is the bankruptcy information someone might fail to remind debtors of: you can only file and be awarded bankruptcy reprieve once, and better for the anxious or overly concerned...you can get credit established again.
Many people I know who have filed and been awarded release from overwhelming debts have very soon after been approached with credit card offers, auto loan offers, and many other opportunities to start anew building (or rebuilding) credit.
Of course, they will require higher interest rates and all, knowing you cannot extricate yourself from these newly acquired debts, and therefore, you will want to be extra careful that the mad cycle of accruing debt and compounding interest and getting those "where are your payments" phone calls started all over again.