March 3, 2020

Why Bankruptcy Isn’t As Scary As You Think

Bankruptcy Is Not Nearly As Scary As Most People Think

For most people, “bankruptcy” is a scary word: it conjures fears of ruined credit, loss of employment, and a bleak financial future. We at Siddons Law want to put those fears to rest. While bankruptcy does have consequences, those consequences are not nearly as bad as most Americans imagine.

Many Americans who have filed for bankruptcy look back on the decision as a positive one.

Bankruptcy can give you the opportunity to turn your finances – and your life – around for good. Our hope is that, by clearing up the most common misconceptions surrounding bankruptcy, we will help you make a more informed decision about this important financial step.

Zero Down Chapter 7 Bankruptcy

Many people don’t understand that it costs money to file for bankruptcy, and are shocked when a bankruptcy attorney tells them it will be hundreds or even thousands of dollars to file — upfront!

That is why we are one of the few law firms that focuses on zero down chapter 7 bankruptcy.

The way it works is we file the petition on your behalf, and you don’t have to begin making payments until 30 days afterward. This allows you to stop creditor harassment and begin restructuring your life. As long as you are full-time employed and can pass the means test, we can help you file for bankruptcy with no money down.

Your Credit Can Bounce Back

One of the biggest fears that people have when it comes to bankruptcy is that they will have bad credit for the rest of their lives. Many people worry that bankruptcy will prevent them from obtaining loans, buying homes, or starting businesses in the future.

Fortunately, this is not the case.

While bankruptcy can adversely affect your credit in the short term, it is not a life sentence. Many who file for bankruptcy find that their credit score actually increases immediately after filing, as most debts are eliminated. After filing for bankruptcy, you will have the opportunity to spend the subsequent years rebuilding your credit. To be sure, this will take work, but it can be done.

You Will Not Lose All Of Your Possessions

Another common misconception surrounding bankruptcy is that filing for bankruptcy means giving up your most important possessions, such as your house and car. Fortunately, this does not have to be the case.

Bankruptcy is specifically designed to help you eliminate debt while retaining your most valuable possessions. When filing for bankruptcy, you can file for exemptions that will allow you to hang on to your most valuable assets.

Your Reputation Will Not Be Ruined

Many Americans fear that, when they file for bankruptcy, their reputation will not be ruined. This fear is understandable as the headlines are full of stories of celebrities filing for bankruptcy. Unless you are a celebrity or public figure, your decision to file for bankruptcy won’t even make the local news.

Legally, you don’t even have to tell anyone you filed for bankruptcy, except for your bankruptcy attorney and your creditors. While bankruptcy can present new obstacles when it comes to credit checks, it shouldn’t reduce your employment prospects or standing in the community.

You Do Not Have To Face Bankruptcy Alone

One of the biggest fears that Americans have when it comes to filing for bankruptcy is that they will have to navigate the process themselves. This could not be further from the truth. An experienced bankruptcy lawyer at Siddons Law can help you through every step of the process. For one your lawyer can advise you on what chapter of bankruptcy you should file under (e.g. Chapter 7, Chapter 13, Chapter 11).

Your bankruptcy attorney can also make sure that you have all the necessary documents and information in order so that the process goes smoothly. Here at Siddons Law, we have helped thousands of clients successfully file for bankruptcy.

Bankruptcy Can Be A Solution To Your Financial Problems

Far from being a cause of financial problems, bankruptcy is a solution. Here are just a few of the benefits to filing for bankruptcy:

  • Creditors are no longer allowed to harass you
  • Outstanding debts are satisfied
  • Your property and assets are protected

These are just a few of the advantages of filing for bankruptcy–a bankruptcy attorney at Siddons Law can talk to you about additional benefits of filing for bankruptcy. The biggest advantage of filing for bankruptcy is that you can start fresh.

If you are drowning in debt, bankruptcy may be the lifeline you need. If you are a business that is struggling to remain in operation due to out-of-control debt, bankruptcy may be able to save your company. 

Bankruptcy Relieves Stress

Another huge advantage of filing for bankruptcy is that it greatly relieves stress for you and your family. If you have insurmountable debts filing for bankruptcy can be like having a huge weight lifted off your shoulders. You will be free from the stress of having to balance your debts and your living expenses. 

You will be free from the stress of unpaid credit card bills. You will also be free from the stress of bill collectors and their constant letters and calls (if you do continue to receive phone calls and written correspondence from bill collectors after filing for bankruptcy, get in touch with an attorney from Siddons Law.

It is illegal for bill collectors to continue harassing you after you’ve filed for bankruptcy, and you can take action in court). Bankruptcy can also free you from the stress of past financial mistakes, allowing you to start over with a clean slate. 

Who To Call If You Are Filing For Bankruptcy

Another fear that we see time and time again among people considering bankruptcy is that they will choose the wrong bankruptcy attorney.

Choosing a Pennsylvania bankruptcy attorney is a big decision–just as important as the decision to file for bankruptcy. Filing for bankruptcy is a complicated task that requires extensive legal expertise. Filing for bankruptcy also requires diligence and commitment. If your bankruptcy attorney treats you like an afterthought, it is unlikely that you will complete the process painlessly. That is why you need to find a law firm that has both extensive experience and commitment to customer service.

Here at Siddons Law, we have successfully settled thousands of bankruptcy cases. We have the experience necessary to help you settle your bankruptcy case.

We are also committed to serving you.

Customer service is one of the things that we do best: we strive to help you get back on track financially. If you would like more information on how filing for bankruptcy can help you, give us a call at (610) 255-7500.