Ready for Wilmington bankruptcy?
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Deciding to file Wilmington bankruptcy is not easy and is probably one of the most serious choices you’ll ever make. While it might not be easy to decide to file for bankruptcy, one you do decide, everything gets easier from there. To get ready for bankruptcy, you should know what to expect, the benefits, and the possible impact on others in your life.
How Will Bankruptcy Affect Your Credit?
The first thing to know is that filing Wilmington bankruptcy will make your credit drop in the short run. However, it’s also important to know that most people struggling with debt already have a poor credit score – or one headed in that direction. The critical thing to see is that filing bankruptcy stops the month to month drop you’re now likely seeing. It will have a dip down and then, so long as you make solid choices with your finances in the future, it should rebound. Most people that choose bankruptcy over continuing to wallow in unaffordable debt usually have better scores within six to 12 months.
How Will Bankruptcy Affect Your Privacy?
While it’s true that any Wilmington bankruptcy filing is part of the “public record,” the public record isn’t as public as you might think. Federal bankruptcy records are housed on a secure server that requires a user name and password to access. To access the site, you must register and be vetted. In some areas, bankruptcy filings are posted in the newspaper, but this is not so common these days. Few people bother to read these notices anyway. This means your friends, family, and coworkers would not normally know about your bankruptcy filing (in most cases) unless you choose to tell them.
How Will Bankruptcy Affect Your Job?
For the same reason as above, your boss shouldn’t know about your bankruptcy filing, in most cases. However, if you file Chapter 13 Wilmington bankruptcy and choose to use payroll withholding for your Trustee payments, you would have to inform whoever processes your payroll. Also, if you are required to pass a credit check and periodic renewals for your job, excessive debt can be a problem. Usually, filing bankruptcy is preferable to employers rather than you staying mired in debt. If you have a security clearance for your job, usually bankruptcy is preferable to high debt levels to maintain your clearance.
How Will Bankruptcy Affect Your Family?
If you’re dealing with unmanageable debt, your personal life and relationships might be suffering due to stress. Finances are often the source of strife in marriages. Filing bankruptcy and dealing with debt might improve your quality of life. But you should also know this. If you share debt with a spouse or other family member such as a co-signed loan, for example, you filing Wilmington bankruptcy will push the debt onto them in many cases. Filing joint bankruptcy could stop the responsibility from flipping solely to them. Be sure to tell your attorney if you have any debt shared with someone else.
How Will Bankruptcy Affect Your Future?
Although filing Wilmington bankruptcy might feel like an end, it’s not. It’s a beginning. Filing Chapter 7 or Chapter 13 to deal with your debt puts you back in charge of your life and financial future. It opens up opportunities, puts an end to debt collectors harassing you, and can make your life better from the moment your petition is filed. Once your case is filed, debt collection efforts must stop, and you can experience peace of mind from choosing an effective solution to get you out of debt and secure a fresh financial start for yourself and your family.
To find out more about the benefits of bankruptcy, contact the Law Offices of John T. Orcutt. Call +1-919-646-2654 now for a free Wilmington bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.