Will Filing for Bankruptcy Destroy Your Financial Future?

Filing for bankruptcy is a big decision that should not be made lightly. People often think of bankruptcy as being a terrible indicator to a negative financial future. This is not always the case. Depending on your circumstances, bankruptcy could be the best option for you. A bankruptcy lawyer, like a lawyer from The Law Offices of Ronald I. Chorches, will be able to look at all of your financial details to determine what the best steps to move forward will be. Sometimes, waiting to file for bankruptcy is worse for your finances than actually filing. The sooner you are able to start taking control of your debts by filing, the faster you can move on from this time and begin moving toward a more secure financial future. 

You Can Rebuild Your Credit

It is true that your credit score will take a hit when you file for bankruptcy. Depending on which chapter bankruptcy you file for, it will recover in time. The chapters take a different amount of time to fade away from your credit report, but nothing will destroy your future permanently. You need to speak with a bankruptcy lawyer to discuss your concerns and how long each chapter will take to begin to regain normalcy. Even though you may feel uncomfortable discussing your finances, you need to be completely open with your lawyer. They have seen it all and only want to be able to help you. It is a bankruptcy lawyer’s job to help make your financial future feel more secure and he or she will be able to help you every step of the way. 

You Can Still Enjoy Your Life

You may be concerned that if you file for bankruptcy, you will not be able to enjoy spending money on anything fun. This is untrue, as long as you budget carefully and plan accordingly. It can be useful to hire a financial advisor after you file for bankruptcy just to make sure you never get into the position of needing to file again in the future. No matter how you got into the situation where you needed to file for bankruptcy, you can find ways to manage your money in a way where you can have a good time and spend your hard earned paychecks on fun things as well as your bills. You just need to be smart and know how much you can afford to use on fun purchases. 

Contact a Bankruptcy Lawyer Today

If you feel that filing for bankruptcy may be the right option for you and your family, you need to reach out to a bankruptcy lawyer right away. He or she will be able to look in detail at your financial situation, your income, your debts, and other factors to determine what the best option moving forward will be. Do not feel like your situation is hopeless. Lawyers have seen worse situations than yours and can help you take control of your financial future.