Caller: “My friend filed for Chapter 7 bankruptcy and less than one year later his credit score is almost at 700. It made me realize that Chapter 7 bankruptcy might not be such a dreadful thing.”
This is true! Bankruptcy is not the end of the world. People often hear the word “bankruptcy” and they run. Sometimes it is out of fear. Other times it is on account of the many misconceptions and myths surrounding bankruptcy.
In reality, bankruptcy is meant to be a tool to help you through financial hardship. You may have heard the term “fresh start.” This is often used when referring to bankruptcy. That is because bankruptcy is meant to help you when you may be struggling with debt that you can hardly afford to pay, with little hope of getting out of the debt cycle. You may even be behind or delinquent on these debts and as a result your credit score has taken significant hits. If you continue in this cycle, it may take years to pay off your debt, collectors may continue to contact you for years, and you may never achieve the credit score and credit history needed for approval for a home mortgage.
While we certainly do not wish bankruptcy on anyone, for some people this is the right option for breaking the cycle and getting a second chance.
Bankruptcy can help you (1) save money because you are no longer struggling with minimum payments or garnishments; (2) clear negative credit history, rebuild your credit and increase your credit score; and (3) eventually buy a home or finance a new car at lower interest rates.
Contact our office today to schedule your free bankruptcy consultation. We offer in person and telephone meetings, as well as same-day appointments. We look forward to speaking with you to discuss whether we can help you achieve your financial fresh start!
The information and materials provided in this article have been prepared for informational purposes only and do not constitute legal advice and do not constitute an attorney-client relationship between you and this law firm. If you believe you have a legal case or claim, you should contact an attorney promptly; strict time limitations may apply to your case or claim.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.