Chances are, you’ve never said the word “bankruptcy” to anyone outside your immediate household. In fact, there’s a good chance you’ve avoided that word within the walls of your own home. While shame surrounding financial mistakes or mishaps is understandable, forging ahead in silence won’t solve your problems. When it comes to money, we all need outside counsel and we all need a clear understanding of our options.
So, is bankruptcy right for me?
Let’s break down three common reasons for filing for bankruptcy, why it might be your best financial option, and the benefits of having a bankruptcy attorney in your corner during the rocky road ahead.
Why and How Do You Get into Overwhelming Debt?
Do you feel like a failure filing for bankruptcy? Smarter people than you have found themselves in the same boat and managed to swim ashore. Think legendary financial guru Dave Ramsey, Larry King, and even Walt Disney. Bottom line, bankruptcy is more common than you think and here’s why many of us find ourselves filing.
1. Medical Debt
Even with decent insurance, a minor fall or accident can spiral you or a loved one into mountains of medical debt. God forbid you’re uninsured and the accident is substantial, unexpected medical debt can wipe out your savings. So if you’re drowning in hospital bills that just keep coming months or years after a long-term visit, bankruptcy may be your only way out.
2. Job Loss
After the year we’ve all had, job stability has never felt more like an urban legend. Even the most sure-fire career paths can veer off-track under the weight of a global pandemic or major recession. At the end of the day, unstable economies can swiftly wreak havoc on a household hit with job loss, even those with fully-funded emergency funds and minimal debt. Because when the jobless months linger on and the bills eventually pile up, we all need a saving grace. As backwards as it sounds, bankruptcy can be your ultimate saving grace.
3. Divorce
Unfortunately, divorce can be as financially devastating as it is emotionally. Legal fees can feel sky high and more often than not, one partner is faced with the brunt of the burden. Got debt? Many couples divorce because of financial disagreements or indiscretion. But once you’re divorced, you’re still stuck with half the bill regardless of whether you know about it.
Advantages To Personal Bankruptcy
So what’s waiting for you on the other side? If student loans, alimony, child support, or restitution aren’t parts of your debt equation, bankruptcy can clear your debt in one fell swoop. Depending on your case, bankruptcy discharges medical and credit card debt. In other words, the debt driving most to bankruptcy in the first place. So let go of your past financial mistakes once and for all. It’s time to start fresh.
Bankruptcy also protects you from pesky creditors and, worst of all, wage garnishments, a financial impact that can last years longer than a bankruptcy proceeding. Far from the final nail in your coffin, bankruptcy may even allow you to keep your home, your property, and a decent credit score.
Hire a Bankruptcy Attorney
Do you know which chapter filing is best for you? Case in point. Experts are called experts for that very reason. They’ll save you money in the long run by determining which filing is best for your situation. Chapter 7 and Chapter 13 serve the same purpose but have different criteria so it is important you file under the one that best suits your situation. Furthermore, bankruptcy attorneys help you negotiate and avoid costly amateur mistakes that may delay or even cost you your case completely.
If you’re in debt, you’re probably sick of creditors. Bankruptcy attorneys do the dreaded task of dealing with credits face-to-face (or phone-to-phone). Once you’ve got an attorney, all communication between you and creditors comes to an end. For most people, the relief of a life free from haranguing collectors is well worth the attorney.
Finally, bankruptcy attorneys give you peace of mind. You’ve spent enough of your life worrying about finances. The last thing you want to worry about amidst a tumultuous financial time is the ins and outs of your bankruptcy proceedings. Attorneys handle every detail and snag every “discount” so you can focus your time and energy on taking that next step forward. Because despite what people may say, there is life after bankruptcy and it’s never too late to start living it.
Regain Control with Bankruptcy
While it may be a scary word, bankruptcy doesn’t have to be a death sentence. In fact, if you’re like hundreds of thousands of Americans, it may be the best possible option for your financial future. So know your options, know your why, and lean on the expertise of a trusted bankruptcy professional.
If you need a trusted and reputable bankruptcy attorney in the greater Boston area Hines Law can help. We have been providing bankruptcy solutions to the residents of Massachusetts for over 20 years. Our Bankruptcy Firm is full-service and has the compassion, knowledge, and expertise to help you gain control of your finances with peace of mind. Call for a Free Case Evaluation today.
The post 3 Reasons People Need to File for Personal Bankruptcy appeared first on Bankruptcy Lawyers Serving Framingham, MA and Beyond.
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