Bankruptcy could help you get a better start in 2020

Feb 7, 2020 | Bankruptcy

The year 2020 came quickly. Many people laugh about the year, saying that all people have 20/20 vision and will make great decisions as a result. That could be true for you.

If you’re looking at the year ahead and see that you’re struggling with money or having financial issues that you can’t seem to get ahead of, then it might be time to reach out to your attorney about bankruptcy. Planning for this in the early months of the year will give you time to get through bankruptcy and move forward within just a few months. You’ll have time to make the most of 2020, even after you resolve your debts.

How long does Chapter 7 bankruptcy take?

While every bankruptcy case is going to be a little different, most of them can be resolved in as few as three months. So, if you started in January, you could foreseeably be able to walk away from debt by April, May, June or July. This is something your attorney could give you a tighter timeline on, if the length of the bankruptcy is important to you.

What are some of the benefits of filing for Chapter 7 bankruptcy?

There are plenty of benefits that apply to bankruptcy cases. If you are in over your head now and missing payments, your credit is probably already significantly damaged. Bankruptcy may not do much more damage, if any. In some cases, it can even help your credit improve.

Another big benefit is that most people who file for Chapter 7 bankruptcy are able to obtain a new line of credit within three years of filing bankruptcy. You may be able to get one in as little as one year. The interest rates may be higher, but, at the same time, you’ll still be able to work toward a better credit score.

You may even be able to get a mortgage following your bankruptcy. While some people say it’s much harder, and it can be, there are lenders who specialize in “high risk” clients. While that’s a relatively unfair thing to call someone who has taken steps to clear up their financial issues, the important thing is that you may still be able to get a loan despite your history with a bankruptcy.

If bankruptcy could be right for you, you should continue to look into the options open to you. Bankruptcy could help you get the fresh start you’re looking for.

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