Is Bankruptcy Right For Me?

“Is Bankruptcy Right For Me?” – This is a question that is frequently asked by those who may be experiencing financial hardship or dealing with the burdens imposed by unmanageable debts.  To analyze this query we must first evaluate what bankruptcy is; which is to say we must consider both how the bankruptcy process works and the purpose that it serves.  With regard to the latter, bankruptcy is a legal process established under federal law that exists to provide relief to those who find themselves struggling with overwhelming debt. 

The way that this is accomplished varies depending upon both the chapter of bankruptcy that is filed, and the specific financial circumstances of the person that is considering a filing.  However, there are certain things that are common between all chapters of bankruptcy.  Among these are the fact that virtually all chapters of bankruptcy pursue the eventual goal of something called a “bankruptcy discharge,” which is the process by which the debts being addressed through the bankruptcy filing are permanently resolved.  

Additionally, bankruptcy also always affords the filer the benefit of something called the “automatic stay,” which is essentially a legal framework that shields those going through the bankruptcy process from their creditors.  It is through the combination of these two things (the bankruptcy discharge and the automatic stay) that those going through the bankruptcy process are afforded relief from the overwhelming debt that they are seeking to resolve.  

It is through this framework that bankruptcy achieves its ultimate goal: to provide relief from overwhelming or unmanageable debt.  This relief can be observed in multiple forms, including both protection from collections an all of the stress associated with overwhelming debt.  Thus, when considering whether the bankruptcy process is the best path forward for you, the first thing you must ask yourself is whether you are looking for an avenue towards relief from these debts.  If the answer is yes, then bankruptcy may be the path for you!

The second thing you must consider is whether you are ready for a fresh start.  Unmanageable debts can often feel overwhelming and can rapidly consume our focus and displace the other priorities in our life.  Bankruptcy offers us an opportunity to free ourselves from the grips of unmanageable debts, granting us relief and through this process, giving us our lives back. 

So, if you are currently dealing with unmanageable debts and the stresses associated with them and you are ready to free yourself from these things, permanently, please feel free to give us a call. 

CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM

We are experts in helping people make use of the bankruptcy process to protect themselves and their families from the burdens imposed by overwhelming debt, and we would be more than happy to speak with you about how bankruptcy can work for you.  So, when the time is right, or when you are ready, please don’t hesitate to reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to www.lifebacklaw.com.