Bankruptcies are complicated legal actions. Consequently, people tend to have many questions. Can a bankruptcy help my financial situation? How much does a bankruptcy cost? How long will it stay on my credit report? If I file, will the court deny my request?
Debt problems can occur almost overnight. An unexpected change in employment status, illness, or another life event could place a strain on your finances and cause you to quickly eat through savings. So, if you find yourself drowning in debt, bankruptcy can be a reasonable solution.
“If you want to succeed, you have two choices: (1) fall victim to worry and self-doubt or (2) get better at dealing with inevitable setbacks and make friends with the unknown,” states Melody Wilding, writing for Forbes. She made this statement in her article about entrepreneur Gary Nealon, who went from bankruptcy to building multiple multimillion-dollar businesses.
While your goals are likely a bit more humble than becoming a captain of business, everyone can learn something from Gary Nealon’s story. In fact, if we look at many self-made millionaires, very few got there without experiencing some major obstacles and bumps in the road. Ultimately, it is how we face these challenges that will define us and determine our final destination.
Do you know how to choose the right bankruptcy attorney? With just about every service, most people will reach out for referrals from friends and family. However, the stigma associated with bankruptcy keeps most people from going on Facebook and posting the question.
Are you a bankruptcy risk? Basicly, when a bank or loan company decides to grant you a loan, they will likely evaluate your bankruptcy risk. Ultimately, they are trying to predict the likelihood that you or your business will be unable to pay your debts. So, while you currently may have a good income and pay your bills on time, this assessment may reveal you are at risk of bankruptcy.