Declaring bankruptcy is not without its consequences. However, under the right circumstances, it can give you peace of mind and a fresh financial start. Below, The Law Office of J. Baron Groshon in Charlotte, NC discusses several reasons why you may want to consider this debt relief option.
5 Reasons to Declare Bankruptcy
1. You’ve Tried Negotiating
Many creditors are open to negotiating repayment plans with their debtors. Unfortunately, this is not always the case. If you have been unable to work out a repayment plan, declaring bankruptcy may be in your best interest.
2. You’re Tired of the Phone Calls
Filing for bankruptcy provides you with an automatic stay, protecting you from ongoing collections and legal actions. This includes lawsuits, wage garnishment, foreclosure, and those harassing telephone calls. Working under financial pressure is stressful enough without harassment, and bankruptcy can give you the space to work towards a better future.
3. Your Payments Exceed Your Income
Paying off debt over time is a great way to build up your credit. However, if you find yourself facing debt payments that are larger than your paychecks, bankruptcy may be the way to go.
4. You’re Getting Divorced
Maintaining the same lifestyle after a divorce can be extremely difficult. In addition to alimony and child support payments, divorcees often find themselves struggling to pay off two mortgages and pre-existing credit card debts on a limited income. Filing for bankruptcy can help you maintain your financial obligations and provide you with a fresh start.
5. You’re Financially Stressed
Debt-related stress can wreak havoc on your personal and professional life. If you find yourself unable to focus or relax due to overwhelming debt, declaring bankruptcy can provide you with some much-needed peace of mind.
If you need a seasoned bankruptcy lawyer in Charlotte or Conrod, NC, The Law Office of J. Baron Groshon is the firm to call. Backed by nearly three decades of experience, attorney Groshon will provide you with the personalized guidance and counsel you need to navigate the legal system and get on track toward stable finances. Free consultations are available. Contact the firm online or call (704) 342-2876 to schedule an appointment.