With the arrival of Spring, the snow and ice begin to thaw and many people take up the annual ritual of Spring cleaning. Just as your home can benefit from a freshening up in the cool weather, so too can your financial condition. A bankruptcy discharge under chapter 7 of the United States Bankruptcy Code discharges most kinds of financial obligations. Unmanageable credit card debt or staggering medical bills can be fully discharged, unburdening a debtor and making possible a better financial future.
Many individuals find that, after a bankruptcy case, they are better able to pay their bills on time, save money and actually improve their credit scores. While some may fear filing a voluntary bankruptcy case, in many instances it is the most financial responsible and prudent step to take.
Consider the following examples. Bob had twenty thousand dollars in credit card debt. His credit accounts were maxed out and he made his minimum payments on time but had little or no money remaining from month to month and no savings account. After three years, Bob has paid more than thirty thousand dollars in credit card payments and still owes more than sixteen thousand dollars and his credit score is 515. Bob’s friend Tammy also had twenty thousand dollars in credit card debt but three years ago she filed a chapter 7 bankruptcy case and received a discharge of her indebtedness. Today she has managed to accumulate thirty thousand dollars in savings and, because she has paid all her bills on time during those three years, her credit score is a respectable 750. Clearly then, Tammy’s bankruptcy put her in a better position than did Bob’s choice to continue making minimum monthly payments.
Bankruptcy is not the right choice for everyone but if you are undergoing financial strain, you owe it to yourself to take advantage of a free initial consultation from an experienced bankruptcy attorney. Do some Spring cleaning of your own and position yourself for lively financial future.(412) 925-8194