Bankruptcy can give you a better life
Image Source: Flickr User _dChris
Suppose you're out in the middle of the ocean, no land in sight, and you've been treading water for hours. You're getting tired, and you know you won't be able to keep your head above water for much longer. If a boat pulled up and tossed you a life preserver, you'd take it, right? You wouldn't insist that you're better off fighting the ocean without help. Many people allow themselves to drown in debt when there is a lifeline available – personal bankruptcy.
Personal bankruptcy isn't a last resort - it's a choice
When you're drowning, all you can think about is keeping your head above water one more minute. And that's the way it is when you've got too much debt. You think paycheck to paycheck, bill to bill. You stress about keeping the utilities on, food on the table, gas in the car and your creditors at bay. Living like this, you can't plan for the future or save money. And, if an emergency crops up such as a car repair, it may have the effect of a large wave on the swimmer treading water and take you under for good. Bankruptcy breaks you out of this vicious cycle.
Personal bankruptcy is a strategic move to protect you
Most people wait and turn to bankruptcy when everything is crashing in, and they have gone under the water for the third time. Then it's a matter of scrambling at the last minute to stop a foreclosure, recover a vehicle that was repossessed or try and stop a lawsuit that could result in a judgment lien. In fact, it's a much better approach to consider the benefits of bankruptcy as soon as you know you're in trouble. Once you know your debt is unmanageable, why not speak to a bankruptcy attorney? Find out your options and the advantages of filing sooner rather than later. Timing of a bankruptcy filing is critical.
Personal bankruptcy offers you a fresh start
If you're out on the ocean drowning, do you think it's fair that you're allowed to go under because you didn't better prepare and ended up in trouble? Perhaps you swam a little further than you should have. Maybe a wind blew up, and you ended up further from shore than you intended. Often, debt is the same way. A life event like a divorce, job loss, or illness can take you by surprise and leave you with overwhelming debt out of nowhere. In other cases, debt can creep up on you through a series of minor events that accumulate to wreck your finances.
Personal bankruptcy protects your assets
When you're drowning, you grab out at people and things around you to try and keep yourself afloat. This means you can also drag these down with you. With debt, this can be your spouse, your kids, your home, car and savings. Opting for bankruptcy can protect these things. If much of your delinquent debt is in your name rather than being shared debt between you and your spouse, you can file individual bankruptcy to protect their credit. If you own a home and are current on your payments, but late on other bills, you can protect the equity in your house through bankruptcy. It's a true life saver.
To find out more about how a North Carolina bankruptcy can rescue you from drowning in debt and offer you the financial fresh start you deserve, contact the Law Offices of John T. Orcutt today. Call +1-919-646-2654 for a free consultation in Raleigh, Greensboro, Fayetteville, Garner, Wilson or Durham.