So many people cringe at the term “bankruptcy”. Many people refuse to even consider this path, even when they are in the direst of circumstances because we have been taught that bankruptcy is a dirty word. There are many common misconceptions around bankruptcy.
One of the questions we see most is “Will bankruptcy destroy my life?” We’re here to reassure you. It will not destroy your life. In fact, in some ways, it may make your life a bit better.
We’re here today to tell you just how bankruptcy will not destroy your life and hopefully shed some light on the truth of the matter.
The Truth About Bankruptcy
Bankruptcy is meant to be a debt-relief option. If you feel like you are drowning in debt and can’t find a solution no matter how hard you try, it’s time to really consider your options.
Bankruptcy doesn’t take place overnight. The involvement and the timeline of the process vary depending on whether you file Chapter 7 or Chapter 13 bankruptcy. The details and the requirements vary for these.
Overall, here is what you can expect.
- Creditors are notified immediately and calls requesting payment cease immediately.
- Wage garnishments stop.
- Foreclosure processes cease.
- Repossession of any kind is halted.
If you’re worried about your credit score, consider where your credit stands as it is. Chances are, by the time you consider bankruptcy your credit probably already is not in a pretty place.
If you’re in a desperate position and choose not to file, the bills will keep piling up, you will continue to receive creditor calls, your credit will be ruined, and you may face repossession or foreclosure.
Give Yourself a Clean Slate
Bankruptcy can be viewed as a positive solution. Consider that you will be giving your struggling finances a clean slate. You can let go of the stress and misery of your finances and start over, in a sense.
With the help of an Ohio bankruptcy attorney, you can possibly be able to keep your vehicle and your home in the process. The goal is to dig you out of that financial black hole and help reduce your debt, improving the situation overall.
You will be able to obtain future credit for needs. In fact, there are many success stories of people who file bankruptcy and just a few weeks later are able to get home loans, auto loans, and ever credit cards. Just be mindful of what you go after as you don’t want to end up back in the same boat.
Keep Moving Forward
We’ve shared a lot of great things here. It’s quite clear that bankruptcy will not ruin your life. In fact, look at it as an opportunity. Remember that bankruptcy can help reset your finances and get you out of a miserable situation.
If you’re stressed about bills and money and you can’t find a way out, you’re not alone. Bankruptcy is not the end of your life and certainly not the end of the road. It doesn’t make you a failure.
Bankruptcy was established as a tool for this very reason. It doesn’t have to be another 4-letter word. It just needs to be understood and used under the proper circumstances.
Don’t hesitate any longer. If you’re looking for a solution for your financial situation, there is hope available. Reach out to one of our Ohio bankruptcy attorneys and see just what we can offer to help your situation.
We will work with you from start to finish. We are here for YOU! We care about finding you a solution so give us a call today and keep moving forward.