Why Bankruptcy May Be The Right Choice

Why Bankruptcy May Be The Right Choice

Bankruptcy is not the fearsome thing people many people believe it is. It will not ruin your life forever, either financially or personally. In fact, in many cases it improves your life enormously. It allows you to make a fresh start and get back on track without constraints of heavy debt that could take the rest of your life to pay off. If you are buried under a mountain of bills, let a Los Angeles bankruptcy attorney help dig you out.

When behind on credit card payments by only a few days, your phone may begin ringing off the hook. You may get harassed by bill collectors who give you worst case scenarios unless you make a payment right then and there. Often, you don’t have the money to make a payment with, which is why you are late to begin with. Your balances will begin to increase with every late fee that can then bring you over the limit, which in turn increases your balances with over the limit fees. It is a vicious cycle and a catch-22 at the same time. You do not have the money to pay credit card debt, and therefore you end up in more credit card debt without even making any purchases.

A Los Angeles bankruptcy lawyer can help you out of this mess by advising you on what type of bankruptcy will work for you best, and then use their professional knowledge to file bankruptcy for you, without you having to worry about making mistakes if you were to file on your own. If you file Chapter 7 bankruptcy, your debts will be wiped clean and you can re-start your financial life with a clean slate. The bankruptcy will be a smudge on your credit for 10 years, but that will not stop your credit score from rising. The debt that kept your score low will be wiped away, so with no more late payments or defaults, you can begin rebuilding credit by opening up secured high interest credit cards. As long as you do not build up a high balance and can make the monthly payment in full, interest rates do not even need to be a concern.

Most of all, when you make the decision to start over with the help of a bankruptcy attorney in Los Angeles, you can breathe a sigh of relief. The phone calls and threatening letters will stop and you no longer need to worry how to pay your debt back. If you are ready to start living life again free of debt stress, call a bankruptcy lawyer in Los Angeles today.

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