The bankruptcy law is quite complicated that we really have to understand it or else we may end up delaying the process or not getting approved. Hiring a lawyer is really beneficial if we want a smooth processing of the case. The lawyers understand every part of the law. They know what to do and what needs to be done.
They could give you sound advice as to what type of bankruptcy best suits you. It really depends on your capability and priorities in life. Filing for bankruptcy is good but you have to understand that there are also consequences that we have to deal with later. Remember, in everything that we do, there is always a tradeoff.
We get rid of our debt and will have peace of mind. We could slowly rebuild our credit and gain some financial freedom. It takes a while before we could enjoy the other benefits like getting loans easily with lower interest rates. It does not happen overtime. Interests are much higher for people who file bankruptcy but I think this is nothing compared to dealing with debt that accumulates daily.
It makes us more conscious about managing our finances next time. If our debt has been restructured, it is a lot easy for us to manage it. We should learn a lesson from it and try to be careful next time. It gives us financial freedom so we should take care of it, instead of wasting the chance.
If not, we will be going through the same cycle again - in debt, and financially struggling. My husband filed for bankruptcy 10 years ago. He learned from that experience. Most of all, he was grateful for all of the help of his bankruptcy lawyer.
This is a sponsored post however; all the points and views are my own.
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