While there is an element of distress that accompanies bankruptcy proceedings in Arizona, filing for bankruptcy can sometimes be the best way to protect your family and its future. It can offer those overwhelmed by debt a new beginning that benefits not only them but also their dependents. Our Phoenix bankruptcy lawyers understand how difficult it can be to perform some basic parental duties if you are bogged down by excessive debt and are here to help you, as well as your entire family. We understand your goals to protect and provide a future for yourself and your children. A few of the ways filing for bankruptcy can salvage your assets and your family are listed below.
You Will Not Lose Everything
Sometimes debt can feel like an insurmountable obstacle. This becomes especially evident when we stand in fear of losing our family home, car, or property. If your belongings are being foreclosed upon and you are faced with eviction, filing for bankruptcy may be a way to stop those proceedings in their tracks. Once the initial petition has been submitted, an “automatic stay” will come into place, stopping foreclosure and allowing you to conduct the remainder of your bankruptcy proceedings without the disruption of collectors or the fear of your family being displaced from your home, and you get to keep it all the way through the process.
Make Your Funds Yours Again
It can be difficult to operate and provide for your family when you are being consistently reminded of your pending debts. Filing for bankruptcy can give you a fresh start, and you can pass that new beginning on to your family. With your debts out of the way, you can take control of your financial life once again without stress. That means a secure and productive environment for your children and the ability to give them the childhood you envision.
Save for Your Family
College tuition? Graduation gifts? Your daughter’s wedding fund? A family vacation? Retirement? Caring for family elders? All of these things can seem out of reach if you are the victim of a crippling amount of debt. Managing that debt through a bankruptcy filing allows you to start anew, building the savings accounts and lifestyle you have always wanted to give your family. With the debts out of the way, saving for important things like college becomes a real possibility and a compassionate Phoenix bankruptcy lawyer will help guide you every step of the way.
Build a Better Life With Good Credit
Bankruptcy allows you to reset your credit. Your loans are forgiven and your debts are paid or absolved, giving you the opportunity to recover your credit score. With an improved debt to income ratio and the ability to pay current bills on time instead of being overwhelmed by old ones, your credit score will begin to climb. A great credit score means opportunity, so using bankruptcy to raise yours could open all sorts of doors for you and your family, including being able buy a new home or car, or apply for a new loan in as little as 24 months.
Reclaim Your Earning Potential With a Reinstated Professional License
If you are a licensed professional, such as a health care professional, skilled tradesman, engineering specialist or social worker, and your license has been suspended for financial reasons, bankruptcy can sometimes work to release that hold. Under the correct circumstances, bankruptcy will discharge the suspension of your professional license, allowing you to get back to work and provide for your loved ones.
Protect Your Loved Ones From Inherited Debt
An unfortunate thing about debt is that sometimes, it can outlive us. If you have debts that need to be settled and by some turn of events you pass away while collections are still underway, that responsibility could be inherited by your children or spouse. Filing for bankruptcy is one way to safeguard them against the possibility of inheriting your debts and can be one of the kindest ways to protect your family after you’ve gone.
Social stigma aside, filing for bankruptcy in Arizona can sometimes be the most compassionate and responsible decision someone can make. If debt is affecting your family negatively, bankruptcy may be the solution that restores your financial equilibrium. At Want A Fresh Start, our experienced Phoenix bankruptcy attorneys have a personal understanding of this difficulty. Call us at (602) GOT-DEBT for your fresh start today.