Do you feel like you a drowning in debt? Have your phone and mailbox become symbols of stress?
If you are in this situation, bankruptcy may be a solution to your problems. We often look at bankruptcy as a sign of failure. But, if you look at it another way, bankruptcy opens the door to a better life, and may just be the best thing you ever do for yourself and your family.
One reason your life will improve dramatically when you file bankruptcy is that bankruptcy laws require that all debt collection efforts, wage garnishments and lawsuits stop during the bankruptcy. This pause will give you room to catch your breath. Depending on what type of bankruptcy relief you seek, your debts will either be wiped out or you will create a plan to resolve them over time.
Take back control…
Another great benefit of filing bankruptcy is that you will have greater control over your financial position. Many people I work with don’t know what their debts and assets actually are, and they feel like they have lost control over their lives. In order to file bankruptcy, you will have to identify everything related to your financial life, (bank accounts, insurance, credit cards, retirement accounts and vehicles or property you own). Through the process of filing for bankruptcy – you will take back control of your life.
Improve your credit…
Finally, filing bankruptcy can actually improve your credit. When you first file for bankruptcy, your credit score will likely drop significantly. However, once your debts are discharged and they drop off your credit report, you can begin to rebuild your score. Applying for a secured credit card or loan and making on time payments can start to rebuild your credit within 6 to 12 months.
If you are struggling financially, feel out of control or need help managing your debts, give Thatcher | Law a call. We would love to talk to you about a solution.