When many people think of bankruptcy, they wonder about what their friends and family will think of them. There is such a stigma surrounding a bankruptcy. And yet for many people, bankruptcy is not only a viable option but often the best financial move they can make for themselves as an adult because it gives them a fresh start.
At first, credit cards seem like a great idea. They allow you to buy so many things, and it seems like you’ll never have to pay them back. But then something comes up, a medical emergency, a job loss, an unexpected repair on your car. Then one month you miss paying the credit card balance in full and the interest starts building up. The next thing you know, you find yourself in what you think is an impossible situation.
Then you hear the word “bankruptcy” and you might think of Caesars Entertainment, Donald Trump, or even 50 Cent. You think it’s not for someone like you. But the reality is that hundreds of thousands of Americans file bankruptcy each year. At the height of the financial crisis, there were almost 1.6 million bankruptcy filings. However, that number has dropped to around 800,000 as the economy has improved. But there still exists a general lack of knowledge about bankruptcy, the process, and the benefits. Filing bankruptcy doesn’t mean you’re a bad person. It just means you’ve run into some trouble and made some mistakes. But the good news is that you can fix your problems and make up for your mistakes. For most people, bankruptcy is just a way to hit the reset button and take control of their finances once and for all.
For a lot of people, filing bankruptcy, going to court, and taking the pre-filing credit counseling course and post-filing financial management course is enough to put things into perspective. In court, you’ll hear about people with failing businesses, crazy schemes, or people whos spouses racked up credit in their name while they were married and left them holding the debt, and then you think to yourself, I’m just an idiot who overused my credit card or I was out of work for 6 months and just fell behind.
If a debt is something you wake up thinking about, it’s a sign you should take action. The best feeling I get after meeting with a client and going over their bankruptcy options is knowing that after speaking with me they are going to get the best night’s sleep they’ve had in a long while because they won’t be worried about how to pay the next bill. Instead, they will be dreaming of that day when they are debt-free and thinking about all the things they hope to do in the future because they don’t have all those debts to repay.
I’ve personally helped hundreds of people get out of debt and start over. It has been especially rewarding when clients come back to me in just a couple short years after filing bankruptcy telling me they were able to buy their first house, or get married without worrying about coming into the marriage with a bunch of debt, or finally get rid of those payday loans or IRS debt they never thought would go away, or even save their house from foreclosure.
If you have questions about bankruptcy, or just need to know whether it’s an option, you should talk to us. Call us at 702-735-1500 to schedule a free, no-obligation consultation. Or fill out a contact form on this page and we’ll be in touch. We love talking to people and helping them get out of debt.