Benefits of Bankruptcy
How long have you been living your life in debt? If you are like many people, it has probably been so long that you can scarcely remember what it is like not to owe large amounts of money. Imagine what it would be like not to have to watch a large portion of your paycheck be absorbed by interest payments, finance charges and late fees. It may be true that money cannot buy happiness, but it certainly does make it easier to enjoy life. Fortunately, although it has probably taken you years to get this deeply into debt, you may be able to achieve the significant benefits of bankruptcy within a relatively short period of time.
Depending on whether you file under Chapter 7 or Chapter 13, you can expect to see your debts discharged within a period of only a few months or perhaps as long as five years. In either case, you will suddenly be relieved of the burden of your current load of debt, and will now have greater resources available for affording your daily living expenses and to pay for a more comfortable standard of living. You might even be able to begin setting aside money for the future so that you can live with the peace of mind that comes with having investments and cash reserves.
Credit Impact of Bankruptcy
Bankruptcy is not a cure-all, and it can have negative consequences. In most cases, the individual who declares bankruptcy will see his or her credit score take a hit, and it may be several years before you are able to purchase a home or take out other large loans at a low interest rate. On the other hand, the difficulty in obtaining credit can help you to develop better money habits such as saving before making purchases and living within your means. Handled correctly, bankruptcy is not only a way to get rid of one’s debts but also to learn from past mistakes and prepare for a future of financial security and stability. Learn more about the advantages of bankruptcy and find out whether this is the right option for you by contacting a Gainesville bankruptcy lawyer at The Law Offices of Justin McMurray, P.A. today.