When We Learn Anyone Can Fail, We Put Things in Perspective
The news is full of stories about recent bank failures and bailouts. We hear about FDIC coverage securing our deposits up to $250,000, but meanwhile, the people who face the loss of a bank failure are the investors. The take-home point is that someone can lose their money easily, through no fault of their own. Bad things happen to good people, and you do not need to be a bank investor to know that. For some time now we have experienced the post-Covid economy and woes of inflation. Learn from financial news and remember, anyone can fail, get a fresh start.
Wikipedia: March 2023 United States Bank Failures
All the shutdowns and business losses create new realities for people. And instead of pointing the blame for things beyond our control, let us take a look at how many new opportunities came out of a terrible situation. There are more new job opportunities for people who want to work from home because so many companies are happily employing people working from home, or doing a hybrid workforce model. And there are more delivery jobs than before, employing people in different ways. Some people working from home decided to start side hustles that started taking off, and they’re not going back to their 9 to 5 jobs.
And while many were able to slide on delinquent debts they couldn’t pay, even through no fault of their own, the collectors are coming to call for payments and many people are learning how a Chapter 7 or a Chapter 13 bankruptcy can help them get rid of the haunts of pandemic failure and economic disaster.
Start your financial life over today! Take control of your world! Set yourself and your family up for success!
Joseph Wrobel, Limited, is the Chicago Bankruptcy Firm with decades of consumer bankruptcy experience, where you can learn your options and decide how you want to take control of your financial future. Get rid of the bad debt, stop the collectors, and start building that new credit score today when you call Joseph Wrobel, your Chicago Bankruptcy Lawyer (312) 781-0996
Thought Catalog: How to Stop Feeling Guilty About Things That Aren’t Your Fault
You Probably Have a Few Questions About Bankruptcy, and We Love Teaching People Common Concepts as Laid Out in This Short Article
How Do I Know if I’m Ready for Bankruptcy?
“The anticipation of things is usually more intense than the thing itself…”, and that is advice you can take to the bank. When recording the Chicago Bankruptcy Podcast, hosts Joe Wrobel and Nick Augustine talk about fears and misconceptions about filing a bankruptcy case. It’s commonly discussed that clients report that it was really simple and they felt a huge sigh of relief after their case was filed. There are so many misconceptions about bankruptcy and the podcast is a great tool to clear those up and teach people what happens in Chapter 7 or 13 cases.
What Happens if I Declare Bankruptcy? How Long Does a Bankruptcy Case Last?
After you meet with your bankruptcy lawyer, they prepare a bankruptcy petition including a notice to call your creditors. The exciting thing about bankruptcy law is the Automatic Stay provision of the bankruptcy code that, as a matter of law, prevents creditors from contacting you or engaging in any collection activity while your bankruptcy case is ongoing. And while the Chapter 7 case is a matter of months from filing to discharge, a Chapter 13 reorganization case can be ongoing for 3 to 5 years, which provides relief from collection harassment.
Does Everyone Qualify for Bankruptcy?
When you meet your bankruptcy attorney, you learn whether you will qualify for a Chapter 7 or a Chapter 13 bankruptcy case, depending on your income, financial situation, and bankruptcy goals. Some people make too much money or have valuable assets they want to keep, and in that case, a Chapter 13 case is best for them. When you visit Joseph Wrobel, Ltd., the Chicago Bankruptcy Law Firm,
Does Filing Bankruptcy Clear All Debts?
The Federal Bankruptcy Code and Illinois State Law control what can be discharged in bankruptcy. In Chapter 7, many debts that qualify for bankruptcy discharge, are 100 percent wiped away. Meanwhile, in a Chapter 13 reorganization case, the debtor pays back a certain amount of their debts over a fixed time so they can get caught up and get ahead.
The nice thing about discharging part or all of your qualified debts is that afterward, you can get better credit because when you owe less money to people, making you a better credit risk after getting a fresh financial start with bankruptcy.
What Happens After Bankruptcy?
The good news is that many people can get back into great financial shape after bankruptcy. People save money, get credit cards and loans, finance cars, and buy new homes. It takes a short amount of time to rebuild credit once you don’t have all the bad debt hanging around.
And when people learn from their past experiences, many can better protect themselves in the future and have money saved for surprising times and things that happen beyond our control. Remember that what matters most is not how much you earn, but how much you can keep. Whether it’s a better income-generating opportunity or a better money-saving opportunity, everyone can take advantage of a fresh financial start to get out of debt and start enjoying life again!
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