Submitted by Rachel R on Tue, 09/06/2016 - 10:48am
Bankruptcy can make things better—see how.
Image Source: Flickr User wewiorka_wagner
Garner, North Carolina has enjoyed significant economic recovery in the past few years, but many consumers are still struggling with debt they can’t afford to pay. When you’re in over your head in debt, life can be tough. It can feel like you have no way out, nowhere to turn, and no hope for a better tomorrow. Depending on your circumstances, though, bankruptcy can be life-changing. Here’s a look at five ways bankruptcy immediately makes life better.
#1 Debt Collection Stops
As soon as you file bankruptcy, your creditors are notified, and ALL debt collection efforts must stop. This makes your life better immediately. If a creditor does call, you can simply tell them you filed bankruptcy, and that will end the conflict. They should NOT call again, and if they do, you can sue them for violating your rights.
#2 Debt Lawsuits Stop
While state law doesn’t allow most creditors to garnish Garner, North Carolina consumers, they can get a judgment and put a lien on your home, auto, or bank account. Filing bankruptcy stops almost all creditor lawsuits before they get to the judgment stage, and this can save you from future problems with lawsuits.
#3 Your Credit Score will Recover
Two recent studies by Federal Reserve banks found that “credit scores start to recover immediately after a bankruptcy filing” and individuals who choose bankruptcy see a “sharp boost in their credit score after bankruptcy.” This means you can take the positive step of beginning to rebuild your FICO score.
#4 Your Improved Financial Future Begins
Because bankruptcy offers you a reset and your credit cards, medical bills, and other unsecured debts can be fully discharged, you can begin to enjoy your fresh start immediately. You can start saving and planning for your future in order to make the most of your brighter financial future.
#5 Peace of Mind Improves
If you’re dealing with debt you can’t afford and are hounded by debt collectors, you are likely stressed out, may have trouble sleeping, and suffer other ill-effects. Bankruptcy stops all the stress so you can enjoy peace of mind, better sleep at night, and less depression and anxiety knowing that the debt is gone.
What are the Downsides of Filing Bankruptcy?
Some consumers may see filing bankruptcy as an end or the worst possible thing that can happen, but that’s not true. Bankruptcy is a solution, not a problem. You may have heard that bankruptcy will wreck your credit. The Federal Reserve studies show that the opposite is true. It stops your credit score from dropping every month and lets you begin to rebuild it. Bankruptcy also can make it easier to get a job or promotion if you’re in a field that requires good credit. Choosing bankruptcy opens up many new paths to you. It’s not hitting bottom—it’s the start of a better life with less debt.
To find out more about the benefits of filing Chapter 7 bankruptcy, whether you qualify, and how it can change your life, contact the Law Offices of John T. Orcutt. Call +1-833-627-0115 now for a free Garner bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.
Debts Hurt! Got debt? Need help? Get started below!
Serving All of North Carolina
Bankruptcy Attorneys Raleigh NC (North)
6616 Six Forks Rd #203 Raleigh, NC 27615 North Carolina
Tel: (919) 847-9750
Bankruptcy Attorney Fayetteville NC
2711 Breezewood Ave Fayetteville, NC 28303 North Carolina
Tel: (910) 323-2972
Bankruptcy Attorney Durham NC
1738 Hillandale Rd Suite D Durham, NC 27705 North Carolina
Tel: (919) 286-1695
Bankruptcy Attorneys Wilson NC
2215 Nash St N Wilson, NC 27896 North Carolina
Tel: (252) 234-9194
Bankruptcy Attorneys Greensboro NC
2100 W Cornwallis Dr. STE O Greensboro, NC 27408 North Carolina
Tel: (336) 542-5993
Bankruptcy Attorneys Southport NC
116 N Howe St. Suite A, Southport, NC 28461 North Carolina
Tel: (910) 218-8682
Bankruptcy Attorneys Wilmington NC
116 N. Howe Street, Suite A Southport, NC 28461 North Carolina
Tel: (910) 447-2987