As the temperatures rise to an unbearable level across most of the country, the same can be said for personal debts. Fortunately, there are options, like bankruptcy, so you don’t have to let creditors put a burn on you!
Many people believe filing for bankruptcy to be a taboo subject that is rarely discussed in the open. Bankruptcy can actually be a good thing in the time of Covid and economic setbacks. Filing bankruptcy can release tremendous stress and bring relief, enabling the filing party to start over again. Bankruptcy is a much better alternative than allowing debts to go unpaid and wind up being sued by creditors. This can create a scarring record that will be on public record. And ultimately, not the best way to start over with a clean slate! If creditors are harassing you, you can’t keep up with your bills, your paycheck is being garnished, or you are close to losing your house or car, it’s time to seriously consider filing for bankruptcy.
It is a myth that filing for bankruptcy will leave a black mark against your name. In truth, once a bankruptcy is filed, the case will stay on personal credit reports from between seven to ten years. This goes for cases that have been fully discharged or are yet to be completed.
It is also a myth that once the wheels of bankruptcy are put into motion, nothing can stop them. On the contrary, it is a fact that a person can stop or discontinue this process throughout any part of the proceedings. This is known as a “motion to dismiss” and can be filed at any time throughout the case.
Consulting with caring, qualified lawyers is essential as every case is different with a unique set of circumstances. They can help you understand the incurred debts that can be forgiven and the obligations that cannot. What needs to be repaid, and what is forgiven. This helps create a solid financial picture and ultimately guides you on moving forward, restarting, and rebuilding.
So don’t let the heat and your debt fry you to a crisp! Cool off today with Miller Hollander and Jeda! Bankruptcy may be an option to help you beat the heat and get a fresh financial start. So, keep your cool this summer. Call Miller Hollander and Jeda 239.775.2000 for a FREE consultation.