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Many people assume that filing for bankruptcy is a financial death sentence—that it’s something to be avoided at all costs, and which can only be undertaken at great peril to a person’s financial wellbeing. Many people believe that when you file for bankruptcy, you lose everything you own, as well as any future financial prospects.
Thankfully, those people are wrong. Bankruptcy gets a bad rap, but the fact of the matter is, it is nothing like the life-ruining disaster or shameful failure that lots of folks tend to make it out to be. Moreover, while it is possible to lose certain higher-value assets in a bankruptcy, many people are able to go through bankruptcy without losing any assets at all.
Bankruptcy a financial tool that is designed especially for people who have accumulated an unmanageable amount of debt and need a financial fresh start. As anyone who has lived through the past few years in the U.S. can tell you, there are many, many reasons why someone might find themselves with unmanageable debt, often through no fault of their own.
Most Americans live paycheck-to-paycheck, which means that one big unforeseen expense is enough to throw many American families into the red. Once that happens, it can be very difficult to get out from under your debt, as it snowballs with interest and fees and other impediments to financial solvency.
If you are considering filing for bankruptcy in Beverly, MA, you are not alone. Over 1.5 million people in the US file for bankruptcy every year.