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Pursuing relief from debts by seeking the facts about bankruptcy

If you are constantly unable to keep up with your monthly monetary obligations, like many others, you could be experiencing the consequences of dealing with the burdens of debt. Overwhelming amounts of debt can leave you in dire financial straits, but with numerous outlets of relief to consider, you may be uncertain how best to proceed.

In your pursuit of relief, perhaps you chose to explore bankruptcy, but certain aspects of the process could be giving you cause for concern. However, there are certain myths surrounding bankruptcy, some of which could lead you to avoid considering it a viable outlet of relief entirely.

Seeking the facts about bankruptcy

While bankruptcy is a major decision that requires a fair amount of thought, in some cases, it may also be the healthiest financial choice available. By seeking the facts about bankruptcy, you may find some of your previous concerns to be completely unnecessary, and some common misconceptions about the process may include the following:

  • Available options:  One misconception surrounding bankruptcy is that each chapter is similar in behavior. However, each chapter may offer its own set of potential advantages depending on your financial situation.
  • Liquidation of assets:  Chapter 7 bankruptcy does call for the liquidation of non-exempt assets. However, this doesn't necessarily mean all assets, and you may be able to retain possession of many or most of your things throughout the process.
  • Credit left in ruins:  Filing for bankruptcy will inherently have an impact on your credit score. However, if you are constantly struggling with financial obligations, you may already be suffering in this area, and by filing for bankruptcy, you could begin rebuilding your credit shortly after finalizing the process.
  • Bankruptcy viewed as failure:  Some debts may be unavoidable, such as those pertaining to a medical emergency, and bankruptcy may be a necessary tool with which to retake control over your financial future.

There may also be certain myths surrounding the impact a bankruptcy will have on your debts. Not all debts are eligible for discharge in bankruptcy, and it is advisable to seek guidance on this and every other aspect of the process prior to deciding upon a path.

Seeking guidance

With numerous aspects to consider when seeking relief from debts, and the potential weight of your decisions during this period, you could be feeling somewhat overwhelmed by the process. However, you don't have to go through it alone, and it may even be in your best interests to seek guidance from someone who is knowledgeable in federal and New Jersey state bankruptcy laws. Seeking assistance may help you become better prepared to pursue a brighter financial future.

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