Bankruptcy Lawyer | The Bright Side of Bankruptcy

Bankruptcy Lawyer | Once you have reached the point where you consider filing for a bankruptcy as your best option, you may find it difficult to see the positive aspects of the situation. You find yourself in an economic hole, and have no idea how you will claw your way out so you may once again see financial security. While your mind may be filled to the brim with every negative scenario, there is a bright side to using bankruptcy to get your debts under control.

A recent study by the National Bureau of Economic research revealed that filing bankruptcy increases an individual’s annual earnings, increases their lifespan, and decreases their foreclosure rate.

 

FILING FOR BANKRUPTCY CAN SAVE YOUR LIFE

bankruptcy lawyer Americans carrying a large amount of debt will live longer if they choose to file for bankruptcy. Struggling with a mountain of debt that you are unable to pay can cause tremendous amounts of stress, and wreaks havoc on both physical and mental health. Independent of any other demographic factor, individuals who are unable to pay their debts have a spike in mortality rates compared to those who are more finically secure. Mortality rates are significantly reduced among those individuals who have the burden of financial instability lifted off of their shoulders.

Filing for bankruptcy allows those who owe debts that they cannot pay to come up with a feasible repayment plan. This lets them to face their bills head on instead of allowing them to remain unpaid. Filing for a Chapter 13 bankruptcy often helps individuals to avoid home foreclosure, and other devastating life events.

INCREASE YOUR ANNUAL WAGES

In the study, authors argue that bankruptcy code is akin to a social insurance program. Like Social Security, Medicare, and Unemployment, bankruptcy involves pooling of risks so that the population can benefit overall. When a worker is denied a bankruptcy, creditors can garnish their wages. If wages are cut significantly enough, it serves as a disincentive for the individual to continue working. However, when workers are approved for bankruptcy protection, annual earnings often increase instead.

Bankruptcy is often looked down on as an abandonment of responsibilities, but in many situations it can produce the best results for all parties involved. – Deluca & Associates

Specializing in bankruptcy and foreclosure law for over 20 years. Call attorney David Pinkston for a free consultation today: 904.306.5791. #FloridaBankruptcyAttorney #FloridaBankruptcy

If you are thinking about #bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! 904.306.5791