Congratulations, you made it through the new year! 2020 was a record-breaking year for everyone. For most of us, the old way of living came to an end. Many people adjusted to this new way of life. However, some took a lethal hit to their bank accounts.
Are you looking for a restart to your finances in 2021? If you are losing sleep or breaking out in a cold sweat every time the phone rings or the mail comes, you’re probably open to the right option to give you a much needed fresh start.
Did you know that even The Supreme Court was quoted as saying that the Bankruptcy Act is intended “to relieve the honest debtor from the weight of oppressive indebtedness and permit him to start afresh free from the obligations and responsibilities consequent upon business misfortunes?”
Additionally, after you file bankruptcy, bill collectors cannot continue to harass you. You’ll confidently be able to answer your phone and leaf through the daily mail fearlessly. As another bonus, your health will improve. Debt causes stress. Stress can lead to heart problems, sleep issues, and overall lowered immunity causing unwanted illnesses. This is turn, can result in loss of work and an increase in medical bills. Getting your fresh start can bring these things to a screeching halt and help you rest easy at night!
Ready to consider bankruptcy as the solution to your fresh start dilemma? Read on! Basically, there are two types of bankruptcies an individual can file: Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy may be the right choice for you if you do not have a significant amount of equity in a house or vehicle, and you have a lot of unsecured debt with little income to pay it off. Chapter 7 is a liquidating bankruptcy. This means that your assets may be sold to pay creditors. Your credit card bills, tax debt, medical bills, and other debts may be discharged by filing, making your financial slate clean. You are permitted certain exemptions for your property due to bankruptcy protection. You may also be allowed to keep your home, car, Social Security benefits, and other personal property.
Chapter 13 is for people who have the means to pay back creditors but need more time. The most significant advantage is that you don’t have to liquidate your assets. When you file Chapter 13 bankruptcy, your debt payments are reduced and restructured to make them more manageable. It also protects you from legal action and harassing phone calls from creditors and collection agencies.
If you are struggling financially and want to know if bankruptcy is right for you, call Miller, Hollander, and Jeda at (239) 775-2000 for a FREE consultation. Our dedicated and supportive staff can guide you through the bankruptcy process from start to finish. Your fresh financial start is just a phone call away!