Bankruptcy

Bankruptcy should not be your only option!

Are you feeling crushed by a debt load that you can no longer support?

Are you under siege by your creditors?

Has stress taken over your life and reached intolerable levels?

Maybe you are thinking about filing for bankruptcy – convinced that this is your best option. Bankruptcy is a life changing option and it should not be taken lightly. Unless your income went from really high to really low in the course of a few weeks and your employment opportunity is bleak – think again.

Bankruptcy should be considered the option of last resort. Bankruptcy is a legal proceeding that enables the insolvent person to deal with a financial crisis by relieving them of financial obligations. Specifically, bankruptcy relieves insolvent people from unsecured debt.

The insolvent person is required to pay the trustee fees for nine to twenty-one months. The trustee fees and length of payments are dependent on the debtor’s surplus income, family status, assets and the desire of the debtor to retain ownership of some of those assets. Once the last payment is made, the trustee will apply for the insolvents discharge.

Bankruptcy is a serious step and not one we recommend lightly. However, it can be a legitimate option for those who really need a fresh start.

Let’s explore the advantages and disadvantages of Bankruptcy.

What are the advantages of Bankruptcy?

Bankruptcy eliminates unsecured debts, stops harassment from collection agencies, lifts garnishment orders, and stops any legal action against you by your creditors.

The bankrupt person is required to attend two mandatory counseling sessions that teach money management skills such as budgeting, how credit card interest works, and how to avoid the pitfalls that forced that person into bankruptcy in the first place.

What are the disadvantages of Bankruptcy?

Bankruptcy will have a serious impact on your personal life and credit score for six years or longer depending on where you reside. Your credit score will suffer and once discharged, you can re-establish your credit.
Do not despair! If bankruptcy is not be the right option for you, there are more effective options that enable you get out of debt faster.

Click here now to fill out our no-obligation financial assessment. We will tell you if filing for bankruptcy is the only solution to your money problems. We will represent you with the trustee to get the best terms possible and comply with the bankruptcy terms and conditions.