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Struggling financially? Bankruptcy is one option to explore

| Mar 26, 2020 | Bankruptcy, Bankruptcy |

We are living in very uncertain times. Where what seemed sure and certain only a few months ago now appears quite shaky and unsubstantial.

Due to the worldwide pandemic COVID-19, many people who thought that they had no financial hardships are now facing a perilous future. Those who were already in dire financial shape now may be teetering on the brink of catastrophe.

If you are an Oakland County resident in the latter group, it may be time to face the nuclear option: filing for bankruptcy.

This is not a decision to be made lightly. Certainly, all other options should be investigated and tried first. There is no doubt that filing for bankruptcy will ding your credit score. But honestly, if you are even contemplating doing so, in all likelihood, your credit score has already tanked.

At least by filing for Chapter 7 bankruptcy, you are taking concrete action to rectify your financial dilemma. Unlike a Chapter 13 filing where you agree to a repayment plan over a period of three or five years, Chapter 7 wipes the slate clean and gives you a fresh start.

The US economy may already be in the first stages of a recession. Certainly, this pandemic will have ripple effects across all industries, and many Americans who survive the health crisis will still be scarred by the financial damage they endure now.

But we are here to help you find your way out of the morass of debt that has you mired. If you would like to learn more about how we can assist you with getting your financial house in order, contact us today to schedule a no-obligations appointment.