Living under constant threat of repossession or foreclosure is terrifying. There is no denying the fact that being under debt can hurt not just financially but also emotionally. In case you are undergoing troubled times where you are constantly at the edge due to insurmountable financial debt, working tirelessly to bridge the never-ending gap between needs and dues; you need to take control to attain financial freedom at the earliest. Consulting a bankruptcy lawyer can make you aware of any and all possible options open for you.
Can Bankruptcy be the Answer to Your Problems?
Many people with a large number of unsecured debts like credit cards or medical bills and unsecured loans etc. can take the help of Chapter 7 bankruptcy which helps wipe the slate clean and provides with a fresh start. To qualify for this type of bankruptcy, you need to pass the means test. For people who have higher incomes, lot of secured debts as well as significant assets, Chapter 13 can be ideal. In either case, you can get control of your life and also put money aside for children’s education, your retirement fund, etc. while simultaneously building your credit again. A bankruptcy consultation vis-à-vis your particular case can help you determine the next step.
Bankruptcy Myths can be Misconceptions
Many people who find themselves at their wit’s end while trying to manage huge debts are often victims of bankruptcy myths. There are many misconceptions surrounding bankruptcy such as you can lose all your property and belongings when filing for bankruptcy, or that your credit rating is such that you will never be able to get another credit line, buy any property once you file for bankruptcy. It will be surprising for people to know that many people who file for bankruptcy are able to keep all of their property. They are also able to get a fresh start with new credit cards to build their credit. They can even finance their home in a couple of years after discharge. Talking to a bankruptcy attorney will dispel all your bankruptcy related myths and get a clearer picture.