One of the most prevalent questions we receive is, "How devastating is filing for bankruptcy?" And we always say, filing for bankruptcy is not devastating, it’s as simple as that. Nobody ever wants to file bankruptcy, but in the end, you will never find someone who filed bankruptcy who was not happy that they made the decision to file.
The large majority of people who file bankruptcy already have a low credit score. If that is the case, there is literally no downside to filing bankruptcy. Not only will Chapter 7 bankruptcy
eliminate all of your dischargeable debts, or, if you do not qualify for Chapter 7, you can do a Chapter 13 bankruptcy
will eliminate some, but not all, of your debts and provide you with an affordable payment plan, usually without interest, to clear up all of your debts within 3 to 5 years.
When you hire a firm to help you with filing bankruptcy, you need a firm that will not only file to eliminate your debts, but also help get your credit score place that will allow you to receive credit in the near future. I have written an essay entitled “5 Steps to Improve Your Credit Score After Bankruptcy and Maintain that High Score for Life.” When you come in our office for your free consultation for Chapter 7 or Chapter 13, you will be provided with the essay whether or not you hire our firm. We want to help you with this process, and ensure that you know what you are getting in to.
If you have friends or family who have filed for bankruptcy relief in the past, ask them about the process. Unless they chose the wrong firm to help them file, my guess is that you will not find anyone who feels as if they made the wrong decision when the decided they wanted to file bankruptcy. Bankruptcy gives you a fresh start, which you entitled to under the laws of the Federal Government and the United States Constitution. It is your right as a citizen and tax payer to give yourself a second chance. There is no shame in it, even Donald Trump and many other famous people filed bankruptcy when the needed to.
If you are considering filing Chapter 7 or Chapter 13 bankruptcy, call or e-mail us today for your free consultation. We are here ready to help.