If you’re asking yourself “Is bankruptcy right for me?” most likely, the answer is yes. We work every day with hard-working individuals who simply can’t keep up with growing medical debt, credit card debt, or mortgage problems. Bankruptcy offers a powerful solution that is life-changing.
When a potential client is wondering “Is bankruptcy right for me?” we encourage them to look more specifically at a few areas of their financial life, in hopes of helping them find an answer. Typically, our bankrupt clients have spent years trying to pay off credit card debt. Unfortunately, the interest rates, late fees, and penalties make it all but impossible. The banks will survive if you file bankruptcy. Our biggest concern is the health of you and your family.
How Expensive Is Bankruptcy
We are very much aware that when you’re having trouble making ends meet, the idea of paying a law firm for bankruptcy can be overwhelming. Fortunately, most clients find the fee for bankruptcy is reasonable. Additionally, once you know you’re going to file bankruptcy, you can stop making payments on debt that will be discharged in bankruptcy. This includes medical bills, credit card debt, and often tax debt. If you’d like to request a free quote for bankruptcy, click here: FREE BANKRUPTCY QUOTE.
How Immediate Is The Relief
The day you file your bankruptcy papers with the federal court, your creditors will be sent notice of the filing. This means they can no longer contact you in an attempt to collect a debt. It also means any legal actions including foreclosure and writs of execution, are automatically frozen by the Automatic Stay in bankruptcy. Your phone stops ringing, threatening letters stop arriving by mail, and peace is immediately restored to your life.
How Quickly Will I Recover
This is a question which certainly is on everyone’s mind. Bankruptcy clients are often surprised at how quickly they begin to recover from bankruptcy. While the bankruptcy will show on your credit for up to 10 years, you will begin to receive offers for vehicle financing, credit cards, and other extensions of credit, within one year of filing. Most clients report that their credit score one year after filing bankruptcy is better than it was on the day they filed bankruptcy. If you’re wondering “Is bankruptcy right for me?” these are great answers when it comes to credit scores!
Can I Buy A House If I File Bankruptcy
We love that clients think ahead about the dream of homeownership. For most clients considering bankruptcy, there’s no way to buy a house due to the amount of debt they have, and the fact their credit score has usually been lowered by aggressive banks reporting late and non-payments. There’s good news. Two years after you complete your bankruptcy, you’ll become eligible for some federal home lending programs. Four years after you complete your bankruptcy, you’ll become eligible for the same loan products everyone in the private market is eligible for. In the meantime, you’ll be able to save for a down payment because you won’t be sending money to credit card companies every month.
Speak With A Charlotte Bankruptcy Attorney
If you’d like more information about filing bankruptcy, speak with a Charlotte bankruptcy attorney today. You can call us at 704.749.7747 or click here for a FREE CONSULTATION. We know you have choices. We hope you choose to Recover With Us.