Several celebrities, politicians and athletes that once lived a life of luxury have had to file bankruptcy. Hundreds of thousands of dollars in personal debt can be eradicated through bankruptcy. While bankruptcy is not a catch all answer to your debt problems, you may have to file for bankruptcy if you are not able to manage your bills in any other way. A seasoned bankruptcy attorney in english may be able to lead you to the right choice when it comes to personal bankruptcy. Chapter 7 personal bankruptcy refers to liquidation of assets in order to cover outstanding debt. Chapter 13 bankruptcy refers to restructuring of your existing debt so that you may make payments over three years or five years based on how much money you are likely to earn during that time. If you do not qualify for either chapter of personal bankruptcy, your credit over the rest of your life is likely to remain poor.
Establishing strong credit after bankruptcy is entirely possible. While you will not be able to hide that bankruptcy moving forward, a bankruptcy lawyer in English can at least help you establish good credit that balances out the bankruptcy. To locate a bankruptcy lawyer in english, ask a friend who has filed for bankruptcy for advice. It may be awkward to ask someone about their experience with a bankruptcy lawyer in english, however, so read online reviews as well to find one of these professionals.