It’s a new year, and that means it is the perfect time for a fresh start. It is also the perfect time to own up to some hard truths, like being buried in debt — and to start taking steps to do something about it. The very first thing you may want to do is to readjust your line of thinking. Bankruptcy isn’t throwing in the towel or giving up, and it can be a viable option for redistributing debt, or starting with a clean slate. Here are some things you need to know about filing for bankruptcy, whether you choose Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Filing For Bankruptcy Is Not As Uncommon As You Think
In fact, a lot of people do it. In 2013, 1,071,932 people and businesses across the U.S. filed bankruptcy. Entrepreneur, business man, investor, and television star Donald Trump is currently worth an estimated $4 billion despite having filed for bankruptcy at least three times. What’s more, some notorious myths about filing are just that — myths. For example, it is 100% possible to file for bankruptcy without hurting your legal spouse’s credit. It can also be relatively inexpensive to file, starting at just $300.
Bankruptcy Can Provide A Certain Peace Of Mind
Anyone who owes debt knows that getting endless calls, texts, and other not-so-gentle reminders of how much you owe can take its toll. “The immediate advantage of filing bankruptcy is an ‘automatic stay,’ which puts your creditors on notice that they have to stop trying to collect money from you,” Quick And Dirty Tips advises. Chapter 7 bankruptcy attorneys (and Chapter 13 bankruptcy attorneys) reveal that it is against the law for companies to continue contacting you and sending collection notices after you seek legal help filing bankruptcy.
Getting help with filing bankruptcy is not the equivalent to giving up. Bankruptcy can help redistribute or completely eliminate your debts, giving you a fresh start and helping you finally get out from under mounds of crippling debt. Helpful info also found here.