March 3, 2023

Ways to Achieve Financial Freedom After Bankruptcy

Managing finances and debt is a challenge for many people. Many Americans file for bankruptcy every year. Hence, it comes as no surprise that so many people require credit relief. Declaring bankruptcy has a severe negative effect on your credit score, many people choose not to.

One of the best and most advantageous things you can do for your debt and financial management is to seek the assistance of a bankruptcy lawyer. Your problem can be resolved and supported from beginning to end since our attorneys specialize in assisting people with far more debt than they’re able to manage concisely.

Our bankruptcy attorney in Media, PA, is keen to help you understand the types of debts to file for, how the bankruptcy procedure works, and what to anticipate after filing. You may rely on our knowledgeable bankruptcy lawyers to take the strain of the laws and paperwork related to filing for bankruptcy off your shoulders.

Four Ways to Achieve Financial Freedom

Financial independence is the capacity to maintain the lifestyle you desire while protecting your retirement savings into retirement. Millions of Americans successfully declared independence from their creditors in part through bankruptcy. The four methods listed below will help you become financially independent:

1. Bankruptcy limits the collection of debt.

When you are continually concerned about creditors calling you to claim repayment or to threaten to seize collateral property, it can be difficult to feel free. Once you declare bankruptcy, the very first thing that occurs is that debt collection efforts are immediately halted, preventing creditors from contacting you.

2. Bankruptcy can be used to pay off or discharge the majority of your unsecured debts.

If you file under Chapter 7, the bankruptcy procedure will dismiss your unsecured debts. You may have a repayment schedule that is much more sustainable than the one you’re presently paying if you file under Chapter 13. This will greatly reduce your debt and help greatly in achieving financial freedom.

3. When filing for bankruptcy, your house is still safe.

Legally, your house faces foreclosure once you fall behind on your mortgage payments, which has a big impact on how financially independent you are. You have very obvious options to protect your house when you file for bankruptcy. If you are falling behind on your mortgages, bankruptcy offers relief under Chapter 13 and will enable you to make up the missed installments using the repayment plan.

4. Bankruptcy allows you to start afresh.

A plan that incorporates planning your finances and trying to save money when you can is necessary to achieve financial freedom. It is challenging to prepare for anything besides attempting to make payments on time each month when you are drowning in debt.

Your obligations may be forgiven or reduced if you declare bankruptcy. With your newfound financial security, you may put long-term savings strategies into action that will assist you in achieving financial freedom.

The Possibility of Financial Freedom after Bankruptcy

Engaging with credit collectors and debt collectors when debts mount up is a common and frequently frustrating experience for many people. Among the first things our bankruptcy lawyers will help you with is stopping the phone calls so you can concentrate on getting your finances back in order.

When a bankruptcy lawyer from Siddons Law represents you, your debtors and debt collectors will have to communicate with our lawyer rather than call you frequently throughout the day.

Erasing Your Debts Through Bankruptcy Process

One of the most widely recognized and effective methods available to individuals to eventually overcome debt and return to a position of financial freedom is by engaging with a bankruptcy attorney. You can better comprehend what bankruptcy can offer you, as well as how the procedure works with the aid of our certified bankruptcy lawyers.

Your attorney and his legal team will put forth tremendous effort to stop the calls and organize your financial situation. They’ll assist you in handling all the paperwork and get you ready to ultimately have the assurance you require to proceed.

Set Goals After Filing for Bankruptcy Process

After filing for bankruptcy through a bankruptcy attorney, setting financial goals can assist a person in getting back on their feet more quickly, which will boost their confidence in their future. Many people who file for bankruptcy experience future uncertainty and general life discouragement as a result.

When filing for bankruptcy, it’s critical to establish financial objectives. By making a budget and monitoring your expenditures, you may even be able to achieve financial stability. It facilitates living the life you desire and serves as a method of future planning.

Monitor Finances to Help Achieve Financial Freedom

Although bankruptcy may seem definitive, the poor credit rating it brings with it might improve within a few years. The effects of this decision could include the loss of the majority of a debtor’s remaining assets, although bankruptcy’s purpose is to assist people and families in rebuilding their lives and achieving financial stability.

Some people improve their income streams following the bankruptcy. This may also be a wise course of action for you following your bankruptcy filing. You should concentrate on making money from resources that can’t be stolen by creditors. Diversifying your income streams is also very important.

Achieve Financial Freedom With the Help Of Our Best Bankruptcy Attorney in Media, PA

If you’re struggling with debt management, the journey to financial independence may seem long. Speak with a Michael Alan Siddons bankruptcy attorney as your initial course of action. You’ve already experienced enough anxiety.

Contact us today at 610-255-7500 right away to schedule a meeting with one of our bankruptcy lawyers in Media, PA, and get a free consultation.