Drowning In A Sea Of Debt? Why Bankruptcy Is The Life Preserver You've Been Looking For

About Me
Recovering from a Business Failure

I’ve always admired entrepreneurs. Because of the financial risks they take, I think they are courageous people. Due to my timid nature, I never imagined I’d be one myself. But, after leaving a successful career in accounting a few years ago, I decided to launch my own home based business. So far, I’ve enjoyed success in this amazingly rewarding venture. Sadly, many entrepreneurs don’t experience the same type of success I’ve found. If they operate sole proprietorship or partnerships, their personal assets are often at risk when their business interests fail. On this blog, you will discover how a bankruptcy attorney can help a business owner who can’t pay his or her business debts.


Drowning In A Sea Of Debt? Why Bankruptcy Is The Life Preserver You've Been Looking For

14 January 2018
 Categories: , Blog

Being swamped with debt is definitely not a fun experience. It might seem like no matter how hard you work and regardless of how much money you try to pay towards your bills each month, the amounts never seem to get any smaller. You begin to realize that you're fighting a losing battle and start to look for solutions. Bankruptcy is one route you can take, and it's a road that can be just what the doctor ordered. If you're going back and forth with yourself over the idea of filing for bankruptcy, take a look below so you can see why it's time to take the plunge.

Bankruptcy Helps You Avoid Garnishment

After your bills have been delinquent for an extended period of time your creditors may decide to take action. At this point, they may petition the court for permission to garnish your paycheck so they can receive payment on your balance. You might not even realize that they have been granted this privilege until you get your check one payday and realize that it's short. As you can imagine, this is a very devastating position to find yourself in because you were likely counting on using that money to cover some of your expenses.

The good thing about filing for bankruptcy is that the moment you do so, an automatic stay is put into place. An automatic stay not only means that creditors can no longer call and harass you in their attempts to collect payment, but they can't garnish your paycheck. You'll have a reprieve from the stress and worry that may have been consuming you over the past few months or years.

Bankruptcy Lets You Start Over

Filing for bankruptcy is about the closest thing to being given a fresh financial start as you're going to find. If you are granted a Chapter 7 bankruptcy, your debt is dissolved like it never even existed. You can start over with the newfound knowledge that you need to make smart choices which benefit you in the long run. You know that if you are just given a chance you can do things right and bankruptcy can provide you with the opportunity you've been looking for.

Look at bankruptcy as a forgiveness tool that is granted to people who may have made some mistakes but who are willing to change. Go into the process with your head held high and get ready to experience more peace than ever before. To learn more, contact a law firm like O'Connor Mikita & Davidson LLC