Covid-19 Taking Its Toll On Your Finances? Doing This One Unbelievable Thing Could Bring You Out Of Debt!
Have you ever had a dream where you were walking along a nice, smooth road, all confident, and then all of a sudden this black hole appears out of nowhere and you fall right through? That’s basically what happened to most of us when Covid-19 made its sudden ugly appearance.
All was going well, businesses were booming, and then, seemingly out of nowhere, this black hole that is Covid-19 came, causing almost everything to crash through. As a result, many are in serious debt and are running out of options on what to do.
And just when we thought, well hoped, rather, that it would end in 2020 the misery continued into the new year, with a new strain of the virus in tow. With the social landscape in 2021 set to mirror the disruption of last year, many families are finding themselves in financial difficulty. How devastating!
If this is you, here’s one piece of advice: file for bankruptcy! I know, it sounds absolutely ridiculous, but bankruptcy is actually a viable option if you’re struggling financially during the pandemic?
How so, you ask? Well, despite it being a stressful and worrying experience, with the right legal advice bankruptcy can actually bring you debt relief. There are, however, four things to consider before actually choosing the bankruptcy path:
- Your credit history — You should first consider your credit history and if you’re willing to risk it. This is because a bankruptcy remains part of an individual’s credit history for seven to ten years. This can have a big impact on you for the rest of your life!
- How much debt are you really in? — The second thing to consider before even filing for bankruptcy is how much debt you have. As you go over your finances, ask yourself, “is all of this dischargeable in bankruptcy, or are there some debts that will not go away?”
- What do creditors say? — Before filing for bankruptcy, it won’t hurt to have a serious and direct talk with creditors. Lay it out on the table before them, let them know what’s up with your finances. They may be able to map you a way out of the situation… or not, but it’s still worth a shot.
- Seek legal advice — Yes, we’re back to this. It would prove super beneficial if you get advice from a renowned law firm before filing for bankruptcy. This way, you would be able to trod the bumpy path without much difficulty and get the debt relief you need. Perhaps even better than creditors, the right legal advisors would be able to provide you with the best routes out of debt.
Moreover, if you have doubts and are worried about filing for bankruptcy, legal advisors will help to clear up the confusion surrounding it. They’ll also provide a clear roadmap for you and your family to follow to manage your debt more reliably.
So there you have it. Don’t just go rushing to file for bankruptcy because I said so. Consider your steps carefully first and you’ll soon be climbing your way out of the black hole of debt that this virus has placed many of us in!
