Is Bankruptcy in Fresno CA the Best Option in my Situation?
Bankruptcy is a sensitive topic that should never be discussed or considered lightly. Many individuals believe that bankruptcy is an opportunity to be “freed” from their financial obligations and hardships, and have a new beginning. Unfortunately, individuals who have actually gone through bankruptcy describe it differently. Financial advocate and national radio and 
talk-show host Dave Ramsey describes his experience with bankruptcy:
“Don’t let anyone fool you. I have been through bankruptcy and have worked with bankruptcy for decades, and it is not a place you want to visit. Bankruptcy is listed in the top five life-altering events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. I would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report.”
Bankruptcy Facts and Myths
What is bankruptcy?- Legal inability to pay debts: the state of having been legally declared bankrupt
- Legal status of a person or an organization that cannot repay debts owed to creditors
- Lack of resources
- Chapter 7: total bankruptcy; stays on credit report for 10 years
- Chapter 13: more like a payment plan; stays on credit report for 7 years
- If a person files bankruptcy while they are in foreclosure, any foreclosure sale date currently on the property will be frozen. This does not mean the foreclosure sale will necessarily be postponed. If the property is released as an asset by the bankruptcy trustee, the foreclosing lender will commence with the foreclosure sale date as previously planned. Bankruptcy should never be used as a means to postpone or freeze a foreclosure sale date.
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