Law

How Bankruptcy Can Be a Positive Thing

One of the most devastating feelings in the world is realizing you have no way to pay your bills. Whether you’ve lost your job, have been ill or maybe you’ve made some very poor money decisions, sometimes expenses can become too much. If events in your life have caused your finances to collapse and there’s no way out, it may be time to see a bankruptcy lawyer.

What Is Bankruptcy?

There are many types of bankruptcy, but the two most common forms for individuals are Chapter 7 and Chapter 13. In a nutshell, Chapter 7 is the complete discharge of all your debt, whereas Chapter 13 allows you to pay your debt over time while retaining your assets. To find out which you qualify for, it’s best to see a Bankruptcy Attorney Edmonds WA and find out what your options are.

Bankruptcy Is the Law

Some people feel that declaring bankruptcy is morally wrong and because of this guilt, they keep digging themselves further into a financial rut. While each person must do what they’re comfortable with, bankruptcy is your legal right. It’s a law put into place for when there is no other recourse out of financial despair.

You’ll Get a Fresh Start

Once you decide to declare bankruptcy, all debt collections against you cease. Meanwhile, you’ll be required to disclose all your financial information and will even be required to take a class in financial management. When your bankruptcy is complete, you won’t be the same person you were when you began. You’ll have a fresh start and you’ll be financially wiser going into the future.

Saving Yourself From Ruin

While declaring bankruptcy isn’t an easy thing to do, it’s better than drowning in a sea of debt. Once you consult with an attorney, you’ll be much better informed about the process that has saved many people from financial ruin.

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