There is an unfair negative stigma attached to bankruptcy in our society. Granted, no one ever brags about it, but filing for Chapter 7 or 13 bankruptcy protection is not necessarily a negative thing; it can be used as a positive financial tool.

If you’re having financial difficulties and are considering your options, it’s important that you understand that bankruptcy may be a good path to the fresh financial start you need. Rather than continuing to sink further and further into debt, talk to a bankruptcy attorney about your options. While filing for bankruptcy will impact your credit rating, being in over your head financially has probably already taken a toll on your FICA score. You owe it to yourself to learn more about the bankruptcy process; it’s likely not nearly as daunting as you fear.

So, how do you know if your particular circumstance can be improved through bankruptcy? Ask yourself the following questions.

• Are you living off of credit cards? Have things gotten to the point where you can no longer afford to live, based off of the money you make and the bills you have to pay? Many people who encounter this problem run to credit cards for “temporary aid,” but instead find themselves relying on plastic for survival. This only worsens the problem, digging your debt hole deeper and deeper.
• Do you have any savings? We should always be in a position where we have enough to save for a rainy day. But when those rainy days turn into seasons and back-up funds dwindle, you can be left vulnerable with no place to turn. If you’ve racked up a ton of debt and are using your savings to stop the bleeding, there will be a time when there is no longer a savings account to turn to. You may want to be proactive and get in front of the problem.
• Bill collectors won’t stop calling you? Like pestering insects, bill collectors just won’t leave you alone when they want their money. They call your house, your job, your friends, your cell phone, bombard you with letters and threaten you with legal action. Filing for bankruptcy protection makes the creditors back off, while you get things figured out.

Bankruptcy protection has helped millions of Americans get their financial lives back on track. If you’re having difficulties making ends meet, you are far from alone. You likely have no idea how many people you know are in your very same shoes! So, if bills continue to mount and creditors won’t stop hounding you, bankruptcy may be right for you. Consult with a bankruptcy attorney to discuss your options.

Bankruptcy lawyer Joel R. Spivack, Esquire, has been helping residents of Cherry Hill and surrounding towns in South New Jersey to get their financial lives back on track for over 20 years. Contact the Law Office of Joel R. Spivack today for a free consultation. Call 856-488-1200.