When filing for bankruptcy, there are common myths that may scare individuals out of filing, even though it could be an extremely beneficial choice. Many believe that when filing for bankruptcy, not only does it ruin your financial future, but it also should be seen as a personal failure. This is simply not the case. We are here to bust these myths and give individuals the confidence and peace of mind needed before filing for bankruptcy.
Bankruptcy can be an imperative turn around point for those struggling financially. It should be seen as an opportunity to start new, not a personal failure. Countless celebrities, business moguls and massive companies file for bankruptcy. Consider bankruptcy a tool in your personal financial toolbox. Filing is used to regain control over your finances, and ultimately lead you to financial freedom. In many cases, individuals would be better off if they filed for bankruptcy, rather than struggle to take control on their own.
Another common myth is bankruptcy will destroy your financial future. It can be difficult to rebuild your credit post-bankruptcy, but by no means will filing ruin your future. Rebuilding credit after filing for bankruptcy is very similar to initially building credit. It takes time, but with consistent repayment, you will be able to rebuild your credit. Like anything, it will take some time but is not impossible.
It is easy to feel discouraged and overwhelmed during this process. With the proper guidance and help from an experienced professional, navigating the ins and outs of bankruptcy will come with some ease.
The attorneys at Sadek and Cooper Law Offices have handled hundreds of bankruptcies in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008.