Bankruptcy is a tool that helps solve serious debt problems. It’s designed for those who are drowning in excessive debt. If you have never been in this position, it may be difficult to see the true benefits that follow a bankruptcy discharge. If you have experienced the pains of living beneath a heavy debt load, you are likely to relate to the flip side analysis of the bankruptcy stereotypes mentioned in this article.
If bankruptcy is a fitting financial solution for you and your family, then it should come as a relief. Excessive debt that you can’t pay back, collectors calling, wage garnishments, car repos, and home foreclosure…these are the things that take people on an emotional roller coaster. Hiring an experienced bankruptcy lawyer that keeps you informed will also ensure that you don’t have additional stress during this process. Bankruptcy is a legal proceeding that can either discharge or consolidate your debt. Your bankruptcy attorney can help determine which is best for you.
Bankruptcy Filings are Public
Consider the flip side: If you lose your home, your car, and your financial life to debt…everyone will know, and you may be miserable. Back when newspapers were the main source of information, bankruptcy filings would be published for creditors to obtain the information. Newspaper readership has declined over the years, and the internet has been introduced. Not only are bankruptcy filings no longer published in all the newspapers, but creditors are notified directly. There continues to be “public access” to information such as bankruptcy filings, but how many people do you know that are going to take the time to search for this, or pay fees to retain it? Most likely, the people you know will never hear about your bankruptcy unless you agree for a credit report to be pulled or tell everyone how much it has changed your life for the better.
Bankruptcy Will Ruin Your Credit
Consider the flip side: If you qualify for bankruptcy your credit score is likely to be very low to begin with. You have just one direction to go, and that’s up! After bankruptcy, you will be free to rebuild your credit score for the first in a long while. If bankruptcy has allowed you to rebuild your life; try to look at all the positive things it has done for you and move forward. Holding on to unmanageable debt would have prevented you from saving, getting a loan, or improving your credit score. In addition, there are banks and lenders that will work with people who have filed bankruptcy. Yes, you CAN buy a car or a home after filing bankruptcy. Allow us to help answer your “life after bankruptcy” questions.
Filing Bankruptcy is Expensive
Consider the flip side: Attempting to pay off medical expenses that would take more than a lifetime of income to achieve, that’s expensive. Sending in minimum payments to cover a 22% interest credit card bill or high interest payday loan, now that’s expensive! Attempting to file your own bankruptcy and making an error…that’s expensive! Filing can be complicated and it can lead to costly mistakes. Be sure to hire a bankruptcy lawyer. At Debt Advisors, you can retain one of our bankruptcy attorneys for as little as $100. That’s nothing when we’re talking about getting your financial life back in order. Not all bankruptcy law firms charge the same fees. Debt Advisors Law Offices is experienced, and fair.
Bankruptcy can often seem like a daunting and expensive process, but it’s important to remember that the cost of not addressing overwhelming debt can be even higher. There are many myths about bankruptcy that can deter people from considering it as a viable option. However, at Debt Advisors Milwaukee, WI, we aim to debunk these myths and provide clear, accurate information to help you make informed decisions. For example, some people believe that bankruptcy will ruin their financial future, but this is not necessarily true. There are various life situations that can lead to bankruptcy, and filing for bankruptcy can actually be a step towards regaining financial stability. Our personal bankruptcy myths page provides more information on this topic.