Are you recovering from an alcohol addiction? If so, you may be struggling from financial hardships as well? Alcoholism and financial chaos have at least one significant thing in common, and that is recovery. If you have an addiction to alcohol, you may already be aware that you are faced with a difficult and lifelong recovery process. Alcoholism is a tragic disease which can affect people of all walks of life. An individual who has decided to begin the recovery process requires the love, patience and understanding from others. As a recovering alcoholic, I understand this very well. Putting the past behind you is an important part of this process; however, this may be difficult to do. The effects of alcoholism can be very destructive in many aspects of your life, anywhere from your career to your relationships, and eventually your finances. Financial chaos is a consequence many alcoholics must face in their personal recovery. This phase of recovery does not have to be difficult. Through a Chapter 7 or Chapter 13 bankruptcy one can place their financial chaos in the past, and take control of their personal finances.
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When recovering from an addiction, financial challenges will surface in many different ways. Many of these individuals have lost their careers, or had it placed on hold because of their addiction. In some cases, they will have to take extensive time off work in order to go to a treatment center. Insurance plans normally will not pay for the medical treatment of alcohol addiction which creates further debt. Often, People who have struggled with alcohol addiction suffer from secondary illnesses. Medical expenses can place additional financial burden on these individuals. Frequently, individuals who struggle with alcohol addiction will find it necessary to max out their charge cards in order to pay for fines and penalties that are a result of alcohol related crimes, such as a DUI.
Individuals going through alcohol recovery are encouraged to take responsibility for their actions, and make amends. In some ways, they may see bankruptcy as a means of avoiding their responsibility. However, society does not always make it possible for an individual to completely make amends for their financial debt. Most creditors or collectors do not care about a person's recovery, or how they intend to eventually pay off their debts. Creditors and collectors want their money, and they are usually not willing to wait. Soon, these creditors will threaten to impose garnishments or legal judgments. Individuals recovering from alcoholism may find that their backs are against the wall because of overwhelming debt. Filing for bankruptcy can be the ideal solution that will help them take control of their finances.
There are generally two types of bankruptcies available. A Chapter 7 bankruptcy is a total liquidation of one's debt. This type of bankruptcy can eliminate nearly all unsecured debt. A Chapter 13 is a reorganization of one's debt. With this type of bankruptcy, the court will organize one's debts into an affordable plan that will be paid off in 3-5 years. Much of one's unsecured debt and interest can be reduced through a Chapter 13.
The lessons a person has learned in their recovery from alcohol addiction can be applied to recovery in other areas. An important fact to remember in any recovery process, whether it be alcoholism or financial chaos, is you should not do it alone. If you are seeking to recover from an addiction to alcohol, you would want a strong capable sponsor. You would want a sponsor that has years of experience, understands the recovery process, and has solid advice. The same is true for financial recovery. If you have decided that a bankruptcy is the correct course of action, an experienced bankruptcy attorney can evaluate your financial situation, and can advise you on the type of bankruptcy that best suits your needs. Whether you have decided on a Chapter 7 or Chapter 13, your attorney can lead you smoothly through the filing process with the court. D Dye
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