Though 2020 is long over, it has impacted nearly every aspect of the American economy. Many people lost their jobs, and many businesses shuttered their windows. Those that came through relatively unscathed found both their professional and personal lives changed forever. Now though, many American families have recovery in their sights and now seek financial help.
For these families, bankruptcy may be a viable option. Despite its reputation, bankruptcy exists to help people in desperate financial situations consolidate their debt and light the path forward.
Families will find many benefits through bankruptcy
Bankruptcy may take years to resolve, but there is simply no better way to help eliminate debt, control your spending and protect your family. When you file for bankruptcy, you will work with a financial advisor to help sort through your finances and find answers. Bankruptcy can help with:
- Debt control: When you file for bankruptcy, you receive an automatic stay from debt collectors and creditors. You and your lawyer can examine your finances and choose between Chapter 7 or Chapter 13 bankruptcy without accruing more debt.
- Improving your credit score: Improving a damaged credit score will always take time, but bankruptcy helps. By reducing your debt into fixed payments, all you must do is pay on time to increase your credit score.
- Budgeting: During the process, financial advisors are available to examine your finances and spending. These professionals can build you a working budget by cutting unnecessary spending and consolidating bills.
- Customized solutions: Every person’s financial situation is unique and requires a customized bankruptcy plan. Your advisor and lawyer will help you negotiate with creditors to draft a realistic plan with achievable goals. Working with a lawyer who understands your needs, desires and personal difficulties will go a long way toward building a solution for the future.
Take control of your life
You are not alone in your financial struggles. Many people need a leg up in these difficult times. Bankruptcy exists to provide people a second chance at building the life they want. To learn more about this helpful process, you can bring your questions to a local Georgia lawyer experienced in bankruptcy law.