Myths are widely believed falsehoods. When facing bankruptcy, you’ll likely hear myths from well-meaning friends and family. They might say things like, “You’ll never get another loan and kiss your house goodbye.” Because there are different types of bankruptcy and every case is different, blanket statements like these are myths. This is why it is so important to only take advice from an expert. Call your local bankruptcy attorneys at Whitten & Whitten to learn what bankruptcy can look like for your unique situation.
Reduction in hours, furloughed, or jobless – many Hoosiers are struggling. The global pandemic not only impacted our healthcare system, it brought our local and national economy to its knees. Hardworking individuals and families are suffering financially as state and federal assistance are ending. For example, the $600 unemployment benefits, student loan forbearance, and other extensions from private companies like Comcast’s free internet, have all expired. Although programs are ending, the coronavirus continues to spread while people seek work.
In Northwest Indiana, many people rely on a car to travel to work. It is nerve-wracking when you are in need of a new car, but can’t get one. When you are facing bankruptcy, you likely can’t afford another payment, like leasing or financing a vehicle. After bankruptcy, will you be able to buy a car?
Will filing bankruptcy crush your dreams of homeownership forever? When you need to file for bankruptcy, you might wonder about the future. It’s smart to ask these kinds of questions. When your debts become unmanageable, bankruptcy can relieve some or all of your debts. However, yes, it most certainly will affect your ability to qualify for a mortgage.
One of the biggest concerns about filing for bankruptcy is the effect that it will have on your credit. It’s true, you might not receive credit offers when your debts are discharged through bankruptcy. However, many individuals can obtain a starter card to rebuild credit. There is light at the end of the tunnel!
Debt feels like prison. It is impossible to dig yourself out without going into deeper debt. Nowadays, there is a growing awareness about the hardships of credit cards, student loans, and medical bills. Paying hundreds in interest a month makes it impossible to save for a rainy day or make a meaningful reduction in your principal balances. Late payments because you can’t afford the high monthly payments feels like running in circles.
Can you no longer pay your debts? Nobody wants to file Bankruptcy. However, sometimes Bankruptcy becomes necessary to start over. Sometimes life throws hardships in our paths or we financial mistakes. Whatever the case, the very first thing to do is to consult with your experienced bankruptcy attorneys at Whitten & Whitten. Experts recommend seeking legal advice because bankruptcy has lasting legal and financial consequences. You need the advice and guidance from Whitten & Whitten to help you rebuild your life.