Why Filing For Bankruptcy Can Be a Financially Savvy Move

Bankruptcy Can Be a Financially Savvy Move

Bankruptcy Can Be a Financially Savvy Move

Bankruptcy Can Be a Financially Savvy Move. However, the mere mention of the word Bankruptcy causes some people to cringe or be uncomfortable. In our opinion, the word kind of gets a bad rap as it conjures up dreadful feelings of fear and shame. There are others though who view the word as a savvy legal choice to dealing with hopeless debt.

The Federal Reserve Bank of New York once did a study on this subject and it revealed that a large majority of people do better financially after having declared bankruptcy than those who choose to continue to struggle with their debts.

One of the reasons for this is that those who file for bankruptcy get many of their financial issues resolved all at once and then get the benefit of a fresh start. Those who file can benefit from the required credit counseling as well as from having had the experience of suffering underneath mounting debt and then being set free.

Not Filing for Bankruptcy

Whereas those who choose not to file for bankruptcy when they sorely need to only continue suffering underneath their heavy load of debt. They use up much precious time trying to pay it all off and rob themselves of saving and investing for their retirement. We view it as a disservice done to one’s self. Filing for Bankruptcy can be a shrewd move when one is planning for their long-term financial future.

Filing for bankruptcy can relieve you of all unsecured debt such as credit cards, medical bills, and lawsuits. It can also stop the garnishment of your wages, and help you to keep your house if facing foreclosure.

Contact Devon

If you would like to schedule a free consultation with Devon, Denver’s most affordable bankruptcy attorney, then please fill out the form below, or for more immediate requests please call us at 720-515-9887

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Devon Barclay, PC

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