If you are considering the possibility of filing for bankruptcy, among many other questions you may have, you are undoubtedly wondering “how will bankruptcy affect my day-to-day life?” Rest assured there are some real positives that come with filing for bankruptcy. In fact, the positives outweigh the negatives.
People Worry About the Following:
Some people worry that bankruptcy will be painful and difficult, the truth is that it will be relatively quick and easy. I will help guide you through the process of how bankruptcies work and will make sure you do not have to worry about a thing.
One of the big concerns that people have is whether or not they will be able to get credit after filing for bankruptcy. In Chapter 13 bankruptcies (a reorganization and repayment plan), your bankruptcy will appear on all credit reports for seven years. If you filed for Chapter 7 (liquidation), the bankruptcy will be on credit reports for ten years. While you will not be flooded with credit offers, you will have a better chance to get credit than you might think.
There is life after bankruptcy and it starts here!
For the first time in maybe many years, you will feel enormous relief, like a gigantic boulder has been lifted from your shoulders. First off, you receive a financial and life “fresh start” – a real life “do-over.” The ultra-high pressure will be off. Your finances will finally be under control.
Second, the debt collection “merry-go-round” comes to a sudden grinding halt. Demands for instantly paying your debts to get put on hold. By law, creditors must STOP constantly calling and asking/demanding their money. Collection agents MUST stop calling you. Creditors CANNOT collect any kind of judgment against you. Your wages CANNOT be garnished. Your house CANNOT be placed into foreclosure. Talk about relief!
And last but not least, you can learn how to reframe your emotional life. American culture says that each individual is totally responsible for their life and their finances. The days of people being deemed a failure for filing for bankruptcy are over. This is because the majority of people file for bankruptcy for reasons out of their control. Here is a list of the top reasons people need to declare bankruptcy:
— Medical expenses
— Job loss
— Divorce or separation
— Loss or destruction of uninsured items due to theft, accidents, natural disasters
Bankruptcy is a great way to take control of your life and your finances. I am here to help guide you through the process and get you on the path to financial stability. Contact me today to schedule a consultation.
Read about the bankruptcy exemptions in New Jersey