New Bern Bankruptcy And Debt Relief Blog

In some communities, there is a stigma associated with bankruptcy. People can be quick to assume that a bankruptcy filing is the result of poor management of money or greed. However, this is simply not the case. Many people have no option but to file for bankruptcy because of the unfortunate circumstances that they are facing. They may have accumulated significant amounts of debt because of unforeseen medical bills, a job loss or a failed investment.

If you are going through financial hardships but you are hesitant to file for bankruptcy because you believe that it is unethical, you should consider the following when evaluating the right thing to do.

If you are thinking about filing for bankruptcy, it's likely that you have been dealing with debts for some time. If you have recently experienced a series of unfortunate events that have made your financial situation even worse, you may have come to the conclusion that bankruptcy is your only option.

It's important that you consider all of the options available to you before committing to bankruptcy. While bankruptcy is a great way to address serious financial situations, it's only appropriate for specific eventualities. Chapter 13 bankruptcy could be right for you if you have a stable monthly income, but you should note that it will still require a great deal of willpower and determination since you'll have to live with a strict budget for between three and five years. If you believe that you'd like to move forward by filing for Chapter 13 bankruptcy, the following are the steps that you should take.

The coronavirus pandemic has hit one sector of the economy particularly hard: small businesses. Staying afloat can be challenging even in a favorable economic climate. The COVID downturn has had a crushing impact on small business owners across the country, with many shuttering their doors permanently. For some, bankruptcy is the only way out.

Fortunately, there is a glimmer of good news amidst all the bad: Recent changes to federal bankruptcy law have made it more accessible, less expensive and less time-consuming for small businesses to reorganize through bankruptcy.

Those who have recently found themselves in financial struggles may wonder whether they should ride out the storm or immediately file for bankruptcy. If you have recently become unemployed, filing for bankruptcy immediately may feel like a rash decision. However, waiting too long before taking action to file could mean that you will be dealing with much more debt and complex scenarios.

If you are worried about your financial future because of a job loss or quickly rising debts, you should try to analyze your situation and reflect on whether bankruptcy is, in fact, a good decision for you. The following are some of the things that you should consider when deciding whether to file for bankruptcy.