A recent article by CNNMoney highlights the lives of four families that were hit with foreclosure and how they have survived after foreclosure.  Each had a story which reflects many of the same stories in our current economy.  Families affected by job loss, medical crisis, and excessive spending.  Even though they each got to the foreclosure status a different way, there was a common thread:  they all wanted to make good on their financial obligations…. And just couldn’t.  Stephanie Thompson noted that “My only regret is that … we signed a contract and then we couldn’t fulfill that contract.”  One family took the advice of a program called “youwalkaway.com” and didn’t pay their mortgage for 10 months.  Not surprisingly, their home was foreclosed and their credit significantly damaged by the months of delinquent payments.   Some places wouldn’t even rent to them because of the damage to their credit history.  Regardless of these negative affects, all expressed relief to be in a more affordable situation.  Sadly enough, if they had just talked to a bankruptcy attorney first, they may have been able to obtain the relief they wanted without the grief of loosing their home… and certainly much quicker than 10 months.

Credit strain, as demonstrated by these families, will test the best of relationships.  Society doesn’t make that strain any easier with the perceptions tied to credit problems and bankruptcy.  Stephanie summed up best when she said the main source of embarrassment was not being able to pay what you signed a contract to pay.  Even as the date of the article and towards the end of one of the longest recessionary period in our country’s history, people still beat themselves up for not being able to meet their financial obligations.  People probably put more pressures on themselves not to file bankruptcy than any of their peers.  Because of the recession, societal attitudes regarding bankruptcy have actually improved.  Through media reports regarding several major business bankruptcies, more people are now aware that bankruptcy is not a “deadbeat” program, but rather a way to restructure and move on.  The only person holding you back from getting relief through bankruptcy is yourself.  Before you loose your home to foreclosure and completely wreck your credit history, consider a consultation with a qualified bankruptcy attorney in your area.  They can help you find ways to manage your debt obligations without loosing your home.  You don’t have to spend 10 months being harassed by debt collectors to get relief.  Options are available now.