Find Out Why Filing for Personal Bankruptcy Can Be a Blessing For You
Could filing for personal bankruptcy be a blessing in disguise? For many, it is. One small businesswoman shared her positive experiences with Chapter 7 bankruptcy in a recent issue of Ebony magazine. We’ll talk about it here.
Chapter 7 Bankruptcy Explained
Before we go further, it’s important to clarify the differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy is rather quick and involves liquidating assets to pay off your debt – all the while keeping creditors at bay. In Chapter 13 bankruptcy, you’re essentially restructuring your debt so that you can pay it off in monthly installments.
How Filing for Bankruptcy Can Change Your Life – For the Better
In the Ebony article, small businesswoman Nic Cober shares her personal experience with Chapter 7 bankruptcy. The attorney and author filed after getting into substantial debt, going through a divorce and experiencing financial failure. Cober was blunt about that time in her life and being in debt with no other way to get out. “It sucks. It’s an economic hardship that impacts your credit and it reduces your ability to get loans readily.” But filing for bankruptcy changed her life around. “I am so much more knowledgeable about money and business because I filed for a Chapter 7 bankruptcy.”
Filing for Bankruptcy Can Stop the Bleeding and Bounce Back Quickly
Whether it’s a medical emergency, unwise spending or other economic factors that pushed you into considering bankruptcy, filing can go a long ways toward preventing you from inflicting further damage to yourself. “Bankruptcy proceedings allow you to stop digging a deeper hole for yourself. You can start to look up and move forward; time will pass and you can start to rebuild. “What people don’t know is that those things can happen within a relatively short period of time after bankruptcy has been declared. Banks will start to lend to you shortly thereafter, especially short lines of credit. Home loans take about two or three years” said Cober.
Let The Oswalt Law Group Help in Your Bankruptcy Decision
We know that facing the possibility of bankruptcy is a daunting task. But it’s important to make sure that you are doing things properly so that you can make the decision and get on with your life. Since no two situations are alike, we urge you to take advantage of our expertise in bankruptcy procedure and law by calling us at The Oswalt Law Group. The first consultation is always free, so call us at 602-225-2222 for a free consultation.