Will Bankruptcy Ruin My Life?

Washington DC Bankruptcy Attorney Explains Why the Answer is No

You feel like you are buried up to your neck in debt. Time and time again you have worked long hours, extra jobs, saved and maybe even borrowed more to help dig yourself out of the hole. But, you feel like it is to no avail. Maybe you are behind on mortgage payments. Or, maybe you face massive bills due to an unexpected need for medical treatment. You know that bankruptcy can ease some of your debt obligations. However, you are worried that it will be a financial death sentence. So, you ask yourself, “will bankruptcy ruin my life”? We understand and the answer is “no”.

The Straight Truth About Bankruptcy

Bankruptcy is a multi-step process. The exact details of it depend on whether you file under Chapter 7 or Chapter 13. However, regardless of what you file, your bankruptcy will immediately:

  • Issue an “automatic stay” to your creditors. This means no more harassing phone calls, no more demands for payment.
  • Stop wage garnishment.
  • Stop foreclosure.
  • Stop any repossession attempts.

It is worth to note that if you are considering bankruptcy, then you may not have exactly pristine credit to begin with. If that’s the case, then what do you have to lose in terms of a credit record? Bankruptcy will allow you to effectively restart your credit score.

Now, let’s say you do not file. Your debts will stay on your record, and you will face:

  • Continuing phone calls from creditors demanding payment.
  • Ongoing difficulties getting new credit.
  • Bills piling up in the mailbox.
  • Damage on your credit score.

You can let things continue as they are. Or, alternatively, you can take the first step towards getting your life back from creditors.

Tabula Rasa, Or a Clean Slate

Far from ruining your life, a bankruptcy will give you a tabula rasa. That is a clean slate that you can use to instead start your financial life over. Most of your debts will be gone. You can then start rebuilding your life immediately. You may even be able to secure home loans, auto loans and credit cards just a few weeks after filing with the help of a Maryland bankruptcy attorney. A bankruptcy attorney can help you keep your carkeep your home, and keep you out of further debt.

So, Will Bankruptcy Ruin My Life?

Bankruptcy is not the end. Bankruptcy is not a sign of failure. Instead, bankruptcy is a tool that can help you, and not necessarily something to fear. As terrifying as the process may seem, our experienced Washington DC bankruptcy attorney can help guide you through the process. He can then help you start putting your life back together. Contact us and end the terror of debt.

Related Posts
  • What Happens If You Hide Assets During Bankruptcy? Read More
  • Can Bankruptcy Affect a Wrongful Death Lawsuit? Read More
  • What to Expect When Filing for Bankruptcy Read More
Free Initial Consultation with our Bankruptcy Lawyer Your Gateway to Financial Freedom.