Why could bankruptcy be the right choice for you in 2018?
For many people, the start of the new year is the chance to start over and to change the paths of their futures. However, when you bring debts from last year into 2018, you may find it difficult to alter the path you are on and instead continue toward potential monetary ruin. Rather than allow your old debts to haunt you in 2018, you could get the fresh financial start you need by taking out a bankruptcy this year.
Dealing with Old Debts
Bankruptcy is designed to help people resolve debts that they cannot pay. When you spent the greater part of 2017 paying on accounts that left you in a financial bind, you presumably do not want to continue this hardship in the new year.
With bankruptcy, you could be granted the opportunity to have most or all of your old debts wiped away or reorganized into sums that are more affordable for you to pay. Your budget could be spared because any payments you make will be based on how much you earn.
Stopping Collection Activities
This year could also be the ideal chance for you to stop any collection activities that your creditors have taken against you. When your wages are being garnished or your assets levied, you may find it near impossible to pay your household expenses and have money left over to buy groceries, enjoy a bit of recreation, or handle other everyday monetary obligations.
Filing for bankruptcy immediately brings those collection activities to a halt, freeing up money in your paychecks and the assets that were previously levied. Your creditors must await the court’s decision regarding your debts before they can take any further action against you. Depending on the type of bankruptcy for which you file, those debts may be eliminated entirely.
Reclaiming a Worry-free Life
Finally, filing for bankruptcy could restore your peace of mind and allow you to live worry-free in the new year. Few things trouble people more today than challenges with their household budgets and the money that they earn. They do not want anyone else to have a say in how they spend their money or how much access they have to assets they own.
When you find yourself going to bed each night worrying about your finances, it may be time for you to consider consulting with an attorney and filing for bankruptcy. Your lawyer will advise you on what type of bankruptcy to take out and what steps to take to safeguard your money. With your attorney’s help, you could go back to enjoying life to the fullest.
This new year can be the ideal chance for you to resolve your debts and free up income and assets to which creditors may have already laid claim. Filing for bankruptcy allows you to reorganize or have your old debts forgiven. This legal action also spares your peace of mind and lets you live each day without the worry that a creditor might seize an asset or garnish your wages.