There’s a misconception of bankruptcy being the end all, be all to your financial future. In practicality it’s the opposite for most people. It’s simply relief and the opportunity to start again. The question you do not want to ask is, “will bankruptcy ruin my credit” but rather “can I pay off my debt in full?”
Bankruptcy is not the end of your future. The crazy thing is you will most likely get MORE offers after filing for bankruptcy than you do now. Creditors love you in debt. If you are making the minimum payments every month, your cash is gone forcing you to use the credit again. Another minimum payment paid, another tank of gas charged and the debt cycle continues.
What bankruptcy WILL do is eliminate your obligation to a debt balance. You have a fresh start – you are back to square one where the money you were paying out to interest (maybe late fees) is back in your pocket.
You can start a savings account!
You can rely on a budget to meet the household expenses!
You can save to buy a car for cash!
You could save to buy a house after bankruptcy!
You are no longer reliant on credit for simple survival. It’s absolute freedom from the debt cycle.
There’s a misconception of I NEED A CREDIT CARD. You don’t. If you do – there are several options like a secured credit card if you want to keep the plastic. Debit cards are wonderful tools to stick to a budget.
Check out these debt calculators. Almost all billing statements will show the total balance and your interest rate.
Geraci Law is here to help. Sometimes it’s just admitting that you need help as the first step. We’re happy to talk to you about debt, credit scores and how to achieve your financial goals. Check out an article written by Attorney Peter Francis Geraci @ https://www.infotapes.com/articles/news/65/does-chapter-7-or-13-bankruptcy-ruin-my-credit/
Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com. Bankruptcy laws are in place to help you. Who knows bankruptcy like Geraci Law? Geraci Law has 30,000 5-star reviews since November 2016!
Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.