We have discussed in recent blog posts many bankruptcy benefits, such as protecting your house, starting the process of rebuilding your credit that will improve your credit score so you can purchase a home or just reducing your stress level. With so many reasons to file bankruptcy in order to proactively address all of your debt issues, there is no reason for you not to take a step forward and talk with a bankruptcy lawyer about whether filing for bankruptcy protection is the right choice for you.
If you are still uncertain about whether you should file for bankruptcy protection or not, or if you know you need to take advantage of bankruptcy benefits the law offers, now is the perfect time.
If you are in need of debt relief help, your New Year's resolution should be to talk with an experienced attorney about filing for bankruptcy protection.
The New Year is a time of new beginnings. Unfortunately, as long as you have your old debt hanging over your head, you cannot start fresh. Each month that you keep your debt, you could be getting a new black mark on your credit report if you are unable to make a payment. If you do pay a monthly payment but it is not effective at reducing the debt (if, for example, the entire amount goes to interest), you are wasting your money.
There is no reason to keep making your credit worse with continued negative postings each month and there is no reason for you to continue throwing money away on debts that cannot be paid down. Instead, use bankruptcy to wipe the slate clean. Start 2017 with your debt problems resolved and no longer limiting you financially in the future. Rather than another year of wasting money and falling further behind, you can restructure or eliminate debts during bankruptcy and use your money this year to do things like:
- Build an emergency fund. Not having money saved for emergencies could be a big reason why your debt is out of control. If you can resolve your debts, you can use the cash you were wasting to build an emergency fund to be ready for those unexpected expenses like car repairs.
- Put more money (or some money) into retirement savings so you have cash when you get older. You don't want to compromise your retirement savings just because you're in debt. Instead of wasting money sending it to creditors and never making progress, you can deal with the creditors during bankruptcy and then use the money you were wasting to help you achieve more future financial security.
- Use money for repairs and maintenance that have been deferred. If you've been spending money on debts that you cannot repay, you may have neglected your home. This adversely impacts the value of your investment and you can fix the problems after using bankruptcy to deal with debt and free up cash.
You can accomplish this and so much more if you simply make a bankruptcy filing your New Year's resolution for dealing with debt.