Why is Bankruptcy Sometimes Necessary?

Bankruptcy can help you rebuild your life.

Bankruptcy may sound scary, but understand that its purpose is to help people who are over-burdened with debt. Filing for bankruptcy doesn’t mean that you’re giving up, and it doesn’t mean your credit will be terrible forever. Bankruptcy can actually help you escape your debt and rebuild your life.

Bankruptcy is a way out of the hole you’re currently in.

However, bankruptcy can be a very complex process. It’s important to have a knowledgeable, experienced Phoenix bankruptcy lawyer by your side to help you through it. A good Phoenix bankruptcy lawyer can help you understand what’s best for you, how to move forward, and how to protect your financial future.

Anyone can file for bankruptcy, no matter who they are.

We all take risks – that’s part of what makes life exciting and rewarding. Even millionaires and billionaires like Bill Gates, J.K. Rowling, and Steve Jobs took financial risks – risks that ended up being quite successful in the long run.

But for every success story, there are also countless losses. Tragedy does not discriminate – it can affect anyone. With medical costs on the rise in the U.S., a medical tragedy can knock anyone into debt. Even those who typically play it safe can be affected.

U.S. medical costs have surpassed 18% of gross domestic product (GDP), or about $3.2 trillion per year.

Did you know that tons of famous people have filed for bankruptcy – and most importantly, lived through it? Here’s a few examples:

  • Abraham Lincoln
  • Walt Disney
  • Henry Ford
  • Milton Hershey
  • Burt Reynolds
  • H.J. Heinz
  • P.T. Barnum

You should not feel bad about failure, as it is an important part of future success. Our reaction to failure is more important than the failure itself. Remember, Thomas Edison invented the light bulb, and he failed over 3,000 times before he finally found success in 1879.

“I have not failed. I’ve just found 10,000 ways that won’t work.”

“Many of life’s failures are people who did not realize how close they were to success when they gave up.”  – Thomas A. Edison

Even large businesses that are hugely successful experience loss due to economic downturns. No one is immune to the ups and downs produced by our capitalistic economy. But bankruptcy offers a way out, no matter what the cause of your financial troubles – credit card debt, student loans, mortgages.

If you’re filing for bankruptcy, it’s important to have solid representation on your side – and even more importantly, representation you can trust. The bankruptcy process can be scary, stressful, and complicated. If you want the process to be as stress-free and go as smoothly as possible, you’ll want to hire a bankruptcy attorney in Phoenix.

When is bankruptcy necessary?

While filing for bankruptcy shouldn’t be taken lightly, it is wonderful that this financial “release valve” exists, because it helps protect our economy and each other from losing everything.
Do any of the following sound familiar?

  • You’re struggling to pay bills
  • You can only afford minimum payments on your credit cards
  • You’re drowning in debt thanks to interest piling up
  • Creditors won’t stop calling you
  • You’re stressed out and exhausted
  • You feel like you’ll never get out of debt
  • The thought of sorting out your finances scares you or makes you feel out of control
  • You have to use credit cards to pay for necessities, like food
  • You’re considering withdrawing retirement funds to settle your debts
  • You’re considering debt consolidation
  • You have a bad credit rating
  • You just want this nightmare to be over

If any of the above sounds like you, it’s time to consider filing for bankruptcy.

And don’t worry – you’re not alone. Tons of Americans are experiencing the same things you are. It’s easy to feel hopeless, overwhelmed, and stressed out.

But here’s the good news: you don’t have to live your life this way anymore.

There’s More Than One Type of Bankruptcy

If you’re considering filing for bankruptcy, it’s important to know your options:

  • Chapter 13 Bankruptcy – “Wage earners” bankruptcy
  • Chapter 7 Bankruptcy – “Liquidation” bankruptcy

Yes, there are different types of bankruptcy. Which one is best for you is determined by your specific situation and personal needs. The easiest way to figure out which one to file for is to contact an Arizona bankruptcy lawyer. A bankruptcy attorney can make the entire bankruptcy process faster, smoother, and less stressful. You can rest easy knowing your lawyer has given you all the information you need to help you make the best choice for your finances and your future.

Get a Fresh Start with a Phoenix Bankruptcy Lawyer at Davis Miles McGuire Gardner

If you or someone you know is dealing with financial hardships, it’s time to contact the experts at Davis Miles McGuire Gardner, PLLC. Once contacted, we can schedule a consultation where our experienced bankruptcy lawyers sit down with you to discuss what’s best for your situation, the pros and cons of filing for bankruptcy, and your next steps towards a better, debt-free future.