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Home » Turner Law Offices Blog » When Is It Time to Give In and Declare Bankruptcy?

When Is It Time to Give In and Declare Bankruptcy?

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Bankruptcy can be a frightening prospect. Think about it: we’ve been trained by popular board games and depressing news stories to think that declaring bankruptcy means failure, that you’re admitting you lost and you are a poor fool.

This mindset, unsurprisingly, causes the cloud of doubt and fear that swarms your mind and settles deep in your stomach when you begin to consider your options concerning bankruptcy.

Does bankruptcy mean you’re a loser? Will it cause other people to mock you behind your back?

The simple answer is this: no, it doesn’t and won’t.

The average U.S. credit card debt currently stands at over $15,000, and the average mortgage debt is upwards of $154,000. Being in debt is extremely common in the U.S. these days, especially since the intense recession a few years back.

Bankruptcy gives you the chance to organize your debt into manageable payments over a timeline that makes repayment possible. In some cases, bankruptcy can even entirely wipe away debts, making it so you don’t even have to repay them.

Not only does bankruptcy make your debts manageable, it also gives you the security cushion you need to be sure your property isn’t taken from you. As soon as you file for bankruptcy your house, car, and other exempted property are instantly protected from repossession.

Bankruptcy also makes it so that creditors may no longer contact you with harassing phone calls, giving you the peace of mind you’ve been wanting all along.

Don’t let bankruptcy frighten you. Its purpose is to give people in debt a chance at a fresh start, to help them get on top of their payments and out of debt.

If you’re still unsure if bankruptcy is right for you, call us today to speak with a highly experienced bankruptcy attorney. They will provide you with the valuable knowledge and guidance you need to make the right choice. Call us today and see how our attorneys can help you.

Call 615-259-2660

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