Bankruptcy Lawyer

It isn’t a secret that worrying over bills, debts, and bankruptcy could cause you to stay up all night wondering what you can do. The truth is, it doesn’t have to be that way. 

The truth is, if you are losing sleep over the stress of possibly having to file for bankruptcy, you aren’t alone. Even if you have a pile of unopened bills stamped with the past due label, you haven’t paid the rent or mortgage, or you are simply just struggling to come up with payments, the idea of bankruptcy can be overwhelming. 

There are many myths out there about bankruptcy and it is enough to make anyone worry. However, you don’t have to fear bankruptcy. 

Why You Shouldn’t Fear Bankruptcy 

It sounds strange, doesn’t it? The truth is, you have nothing to fear if you have to file for bankruptcy. The idea is that bankruptcy provides for the orderly discharge of your debts. It’s a way to manage your situation and get a fresh start without the harassing phone calls from collectors or worry about how you are going to eat that night.  Here are the reasons why you shouldn’t fear bankruptcy. 

You Won’t Lose All Your Assets

Yes, in some bankruptcies some of your assets may be sold to pay your creditors. However, the law also recognizes that people need a place to live, reliable transportation, and necessary personal property. This means typically you are allowed to keep your home, car, or other personal property. This does include pets because unless you happen to own a 4-time champion purebred, your dog isn’t worth selling off to pay debts. Plus, who would want that? 

Everyone Won’t Find Out 

This is highly unlikely unless you tell them. Bankruptcy is no cause for shame though. Yes, you will likely have a hard time getting a new credit card for a while or even a loan. However, there is still no shame in filing as it is made to help you in the long run. 

Bankruptcy is a Valid Strategy 

It is a prudent strategy to help with debts. It can help you build a stable financial future and it won’t cost you every penny to go to the creditors. Now, your credit score is going to take a pretty hefty hit to it. You are likely going to see it drop by at least 40 points. But you can start building it back up immediately and in roughly 2 years, if you take the right steps, your credit rating will be back in the good range. 

Your fears are valid and it is easy to understand that this step of filing can be overwhelming. That is why talking to a bankruptcy lawyer like the ones at Pioletti, Pioletti & Nichols is a great step because they can help you determine if bankruptcy is right for you.