Bankruptcy isn’t the end; it is a brand new beginning.
Bankruptcy Is Not An Embarrassment
If you are facing bankruptcy, you probably feel as if it is the end of the world; that everything you have worked so hard for up to this point is meaningless. But we have news for you—it isn’t. Bankruptcy is a means to an end and that end is financial freedom. In fact, chances are you have been going through a period of months or years worrying about your financial problems, being persecuted by aggressive collections calls and letters, and not seeing any light at the end of the tunnel. The moment you decide to start the bankruptcy process, an enormous burden will be lifted.
You Will Probably Not Lose Your Car
Most people who file for bankruptcy and own a car keep it during and after their case, especially if it is needed to get to and from work. The automatic stay in bankruptcy stops repossessions and it goes into effect as soon as we file.
You Will Likely Not Lose Your Property
Chapter 13 bankruptcies are repayment plans and do not typically require you to surrender your property. Chapter 7 will exempt property such as home equity, your car, clothing, home furnishings, retirement accounts, business tools, and other property. Most Chapter 7 bankruptcies are filed without any nonexempt property. Toscano & Wilson will help clarify and plan for your bankruptcy to ensure that your assets will be protected in this process.
Real life isn’t a board game.
Just because you declared bankruptcy, doesn’t mean it is game over.
Your Credit Will Not Be Damaged Forever
Bankruptcy does impact your credit and limits your credit options for some time after you file, but limited credit will change the behaviors that led you to bankruptcy in the first place. A year after filing, many people find their credit scores have increased from the date of filing. Toscano & Wilson can help you plan for post-bankruptcy life to help you set yourself up for better credit in the future.
You Can Enjoy Newfound Financial Freedom
Bankruptcy eliminates or reduces your debts to zero while your income remains the same, meaning that your finances will be healthy enough for you to acquire the things your family needs. Your current course of action, with overwhelming debt, maxed out credit cards, and a bad credit score is likely preventing your future buying power much more than bankruptcy will.
Some Nondischargeable Debts Will Be Easier To Pay
It is true that child support payments, alimony and student loans are not usually dischargeable through bankruptcy. It is possible that these debts contributed to your current financial situation. While bankruptcy can’t discharge these debts, it can reduce your burden from other debts which will give you the ability to afford to pay these non-dischargeable obligations and not ignore them.
You Are Not Alone
We can say with certainty that this is true, no matter how hopeless you think your situation is. Toscano & Wilson are here to help you make some sense of your financial issues and show you the options you have to make a fresh new start.
The legal experts at Toscano & Wilson understand what you are going through. Bankruptcy may seem like the end, but the truth is it is simply a new beginning. Through competent and compassionate legal representation with Toscano & Wilson, things can only get better. Give us a call, tell us your story, and start to feel better about your financial situation.