The Advantages of Filing for Bankruptcy
The decision to file for bankruptcy (either Chapter 7 or Chapter 13) is a difficult one for most people and is often seen as an option of last resort. This is because declaring bankruptcy can have a significant effect on your credit and financial well-being. Moreover, after you file for bankruptcy, it can sometimes be difficult to prove your creditworthiness to lenders and obtain loans for some time after filing. However, for some people, the benefits of filing for bankruptcy far outweigh the downsides.
If you are in the process of deciding whether filing for bankruptcy is right for you, the North Carolina bankruptcy lawyers at the King Law Firm may be able to help. Our team of compassionate and experienced attorneys will review your financial situation with you and can help you decide if filing for bankruptcy is a good option, given your unique financial circumstances. Please call us today to find out more about how we can help you handle your bankruptcy case.
A Fresh Financial Start
Perhaps the most apparent and attractive advantage of filing for bankruptcy is the fact that you can often obtain a fresh financial start. While there are significant differences between Chapter 7 and Chapter 13 bankruptcy, both allow consumers to discharge various types of debt upon the conclusion of their cases. The type of bankruptcy appropriate for you will depend on a number of factors, including your income, your goals, and whether you want to hold on to certain assets. An attorney can help you figure out what type of bankruptcy would benefit you the most.
You Can Rebuild Your Credit Sooner Rather than Later
Declaring bankruptcy can have a significant impact on your creditworthiness and credit scores. However, another important advantage of declaring bankruptcy is that it will allow you to start rebuilding your credit right away. In fact, many people who file for bankruptcy are able to obtain financing not long after their case has concluded.
There are Worse Things than Bankruptcy
Although declaring bankruptcy will likely have a significant impact on your credit score, there are worse things that can hurt your future credit and your future ability to obtain a loan from a bank or credit union. Specifically, not filing can lead to lawsuits, defaults, missed payments, and repossessions to future lenders.
Bankruptcy Can Lead to a Brighter Future
If you are having trouble keeping up with your bills and feel like your debts are holding you down, bankruptcy can be your path to a better financial future. By eliminating debt and giving you a fresh start, bankruptcy can allow you to build a positive credit history and start making financial decisions that lead to security and stability in the future.
Contact a North Carolina Bankruptcy Lawyer Today
Filing for bankruptcy is not the best course of action for everyone. At the King Law Firm, our legal team can assist you with making your decision and is committed to helping you every step of the way through the bankruptcy filing process. To schedule a free case evaluation and legal consultation with an experienced North Carolina bankruptcy attorney, please call us at (800) 635-1683 or contact us online today.