As the economy continues to struggle, job growth remains stagnant, and the real estate market suffers in New Jersey and elsewhere in the US, the media has been highlighting a lot of the negative consequences faced by individuals who file for bankruptcy. Some media reports have also been noting the positive effects of a bankruptcy filing – and it is extremely important to keep these positive effects in mind because bankruptcy has long had a stigma attached to it.
Do not simply assume that filing for bankruptcy represents some kind of failure on your part. The truth is that just about everyone needs a little boost at some point in their lives. Perhaps you lost your jobs due to circumstances beyond your control and have found that getting back on your feet is almost impossible without a full-time income. Or maybe you had a medical emergency, or some other type of emergency, that drained your bank accounts and seriously depleted your financial resources. Regardless of the reasons for your current financial situation, you need to be aware that there are steps you can take to effectively wipe the slate clean and get the fresh start you deserve.
Before you file for bankruptcy, you should speak with a competent, knowledgeable bankruptcy attorney who understands the complicated bankruptcy laws at the state level and the federal level. One mistake when filing could be disastrous for your financial future. (In extreme cases, a person who makes a mistake in their bankruptcy filing could even be criminally charged with bankruptcy fraud.)
A skilled bankruptcy lawyer will advise you of your legal options and make sure you are fully informed of the different types of bankruptcy filings available, whether that’s Chapter 7 bankruptcy or Chapter 13 bankruptcy.
An experienced bankruptcy lawyer may also be able to help you negotiate a favorable payment plan with your creditors and even get some, or all, of your debt forgiven without needing to file for bankruptcy.
To learn more about the potential benefits and disadvantages of bankruptcy, see the PIX11.com article, “Pros and Cons to Filing for Bankruptcy.”
If you are struggling with debt, you should speak with a qualified bankruptcy and debt management attorney immediately. Joel R. Spivack, Esq., is an experienced debt relief and bankruptcy lawyer who can help you explore all of your available options. Contact Mr. Spivack today to schedule a free consultation.
