Drowning In Debt? Why You Should File For Bankruptcy

About Me
Deciding Between Bankruptcy Types

After spending freely for years, I realized that I didn't have enough money to feed my family. I was devastated, and I didn't know what to do. Instead of writing off the problem as something that would go away on its own, I decided to take action. I met with a bankruptcy attorney to understand the process, and I was amazed at how kind, caring, and responsible he seemed. He walked me through what would happen, including how to decide between all of the types of bankruptcy out there. This blog is all about helping you to decide whether or not bankruptcy is right for you.


Drowning In Debt? Why You Should File For Bankruptcy

24 May 2019
 Categories: , Blog

Having a lot of debt can be one of the most restricting experiences in life. It hurts to know that you're unable to enjoy things like vacation or even giving a loved one a gift because you are swamped in a sea of bills. The situation doesn't always come from irresponsibility because a single illness could leave you with so many medical bills that you don't know how you're going to make it through. If you are tired of struggling to come up with the money to pay a mounting pile of financial debt, see why it's time to file for bankruptcy.

A Fresh Start Always Helps

Everyone loves a fresh start. A new relationship, new city, or new job can be enough to breathe life into your existence and make you happy to be alive once again. The same can be said about filing for bankruptcy. You'll have the opportunity to restart your financial life and do things differently the second time around.

It can be extremely hard to pull yourself out of a financial ditch. Interest continues to accumulate, and no matter how much you pay towards an outstanding debt, it might seem that the balance just won't go down. This can be very disheartening, and if nothing changes, you might not know what to do.

Filing for bankruptcy can be the fresh start that you need to get it right again. Whether you decide to go for a full discharge through a Chapter 7 bankruptcy or just need to consolidate your debts for a more affordable payment with Chapter 13, filing bankruptcy allows you to start over and create a new financial history for yourself.

Payment Plans Are Available

Some people don't file for bankruptcy because they don't know about payment plans. There are lawyers and bankruptcy services out there who will get the ball rolling for you and let you make payments at a later time. You won't be on the hook for a large amount up front, and since the bankruptcy will immediately interrupt the payments that are due, you should be able to save a little cash that can be used to make the bankruptcy payments when they start to come in.

Knowing that you have options is the key to keeping your spirits up during a stressful time. Contact a bankruptcy lawyer such as Haven Law Group, P.C., and discuss what you can do to get your filing in place immediately.