One of the biggest concerns about filing for bankruptcy is the effect that it will have on your credit. It’s true, you might not receive credit offers when your debts are discharged through bankruptcy. However, many individuals can obtain a starter card to rebuild credit. There is light at the end of the tunnel!
If you’ve been struggling with money, you might wonder at what point to consider bankruptcy. Maybe you’ve noticed that lot of your friends and family complain about the pile of monthly bills and this might make you wonder was is normal and what is not.
Debt feels like prison. It is impossible to dig yourself out without going into deeper debt. Nowadays, there is a growing awareness about the hardships of credit cards, student loans, and medical bills. Paying hundreds in interest a month makes it impossible to save for a rainy day or make a meaningful reduction in your principal balances.
Can you no longer pay your debts? Nobody wants to file Bankruptcy. However, sometimes Bankruptcy becomes necessary to start over. Sometimes life throws hardships in our paths or we financial mistakes.
Being a college student in 2019 can be almost impossible if you don’t have parents willing to pay, or a scholarship. Student loans are an unfortunate choice many people have to make.
Chapter 7 bankruptcy is the fastest and most common form of consumer bankruptcy. It’s a tool to resolve overwhelming debt under the protection of a federal court.