When you think about a bankruptcy, what do you see? Do you imagine collectors coming and taking away your assets, leaving you with nothing? The reality is much less terrifying. The myths that surround bankruptcy have made it seem like it’s a situation where people lose everything they’ve worked so hard for, but the truth could not be further from that idea.
In bankruptcy, the goal is to help you get into a better financial position. A Chapter 7 bankruptcy may help you eliminate debts from medical expenses. It could help you eliminate credit card debt, too. The idea of bankruptcy is to give you a fresh start so that you can move forward with more financial security.
Bankruptcy may provide you with:
- Comprehensive credit card debt relief
- An end to creditor harassment
- Protection against wage garnishments or tax garnishments
- Protection against lawsuits and other actions that lenders could take against you
Sometimes, people need a helping hand to get out of debt
The reality of today’s world is that people do lose their jobs and suffer from setbacks, but that doesn’t mean that they should be penalized. Bankruptcy’s end goal isn’t to penalize you. Instead, it’s designed to help you pay back what you can through liquidating less necessary assets and then discharging the remaining qualified debts. Even better, there are exemptions that you may be able to use to keep many of your possessions.
If you’re ready to get back on track, it’s time to look into your rights. Our website has more information on bankruptcy and how it may help you gain better financial stability as you continue in life.