If you are about to lose your house, a bankruptcy can prevent foreclosure and if your wages are being garnished, bankruptcy can stop that, too. There are few decisions you can make that can save you hundreds of thousands of dollars in an instant, without winning the lottery, so if you’re facing that kind of debt, bankruptcy may be the very best financial decision you ever make.
Lots of people have filed for bankruptcy, including people you know, and even celebrities; you may just not know about it because some people are ashamed of it, even though it may have been a good decision for them; don’t shy away from it if it’s a good option for you out of embarrassment. Even corporate magnates and millionaires like Donald Trump have filed bankruptcy, some of them multiple times; they see it as a business decision, and it makes financial sense for them. You should look at your personal financial situation the same way; if filing bankruptcy makes financial sense, why wouldn’t you do it?
Bankruptcy means a fresh start; it allows you to clear up your credit and set yourself up for a prosperous future. It will also relieve your stress more than you can imagine; you’ll be able to do a lot more; you’ll be able to sleep, get healthier and do things you always wanted to do, with that financial trouble gone forever. It can also save you an incredible amount of money, even hundreds of thousands of dollars in seconds, depending on your situation. It may be the best financial decision you can possibly make, and there’s no reason to be ashamed.
While it may seem like an unnecessary expense and there are many software programs that promise to help you fill out a petition, only an attorney can help you to understand your particular situation or prevent you from making those types of mistakes. If you want to understand the importance of hiring a bankruptcy lawyer go to the courthouse on any given day and sit in on some bankruptcy hearings and watch debtors who are representing themselves, almost all of whom have a serious problem with their bankruptcy filing and face dismissal, losing an opportunity to eliminate their debts. Hiring a bankruptcy lawyer is a necessity if you’ve decided to file.
Other than that, everything continues the same way; you’ll get to keep your house and you won’t be evicted from the home you’re renting. You’ll be able to keep your job and keep putting food on the table, and you’ll be able to keep spending your money freely. That means you’ll do nothing differently after you file bankruptcy, except to enjoy the fact that you’ve taken a step toward a fresh start.
When you file bankruptcy, it stays on your credit report for 10 years; it does have a negative effect on your credit, but it erases the other debts on your credit; the ones causing your score to be so low in the first place. Instead of struggling to try and pay back all of those creditors over a long period of time to slowly rebuild your credit, the bankruptcy will erase all that debt from your credit report as soon as you have an official discharge.
At that point, you will have a negative mark from the bankruptcy, but the other negative marks will be gone, and you can rebuild your credit by taking out responsible loans and repaying them on time, a process that is much, much faster than if you hadn’t filed bankruptcy.