My wife and I made the decision to open a residential cleaning business. We needed enough money to get the equipment, do a bit of advertising and get the licensing and insurance to protect ourselves and our customers. For about two years, things went very well, but then, things took a terrible spin for the worst after we hired a few employees to help us with the workload. Since then, we have gone bankrupt and have gone back to working full time jobs. If you are struggling with your business and considering bankruptcy, this blog can give you some answers to the many questions that you have.
Are you planning to start a family? While this is an exciting time, it also is a time of planning and preparation. Should one of these planning tasks be to declare bankruptcy? If you have crushing debt issues or you're harassed by creditors, the answer may be 'yes'.
1. You Can Start Over
Starting a family is a new chapter in your life. But if you have debts hanging over you from prior chapters, you can't get that completely fresh start. You'll continue to have worries from the past, and about things you cannot change in the past, when you should be focused on the future. Old debts from prior relationships, a divorce, past financial mistakes, or your old lifestyle can be made truly a thing of the past through bankruptcy relief.
2. Kids Are Expensive
Having a child is one of the most expensive commitments many Americans will ever make. By some estimates, it may cost parents more than $248,000 to raise their child to the age of 18. Child care can cost between $5,436 and $24,243 each year. Can you afford this in your monthly budget? Would it help if you could free yourself from some of those old debts, penalty fees, and high interest rates you currently pay? Even a debtor who can't discharge all their existing debt can still save hundreds or even thousands of dollars each month to pay for the new costs they will incur as a family.
3. Credit Healing Can Begin
Many debtors worry about how bankruptcy will affect their credit score and their ability to get the future credit they need. But the reality is that if you're in dire financial straits, your credit is probably already seriously damaged. As long as you struggle to pay those debts, your credit may never get better. In contrast, bankruptcy is a one-time hit that stops the ongoing damage. By opting for bankruptcy resolution, your credit will start slowly getting better. By the time you're ready to seriously need a larger home, to pay for school, to get a larger vehicle, or to take your little one on family trips, your credit will have healed to keep up. But you need to start that process soon if you want it to end soon.
Could your time as new parents be improved by any of these bankruptcy benefits? While the process of seeking a bankruptcy can be challenging, pursuing it before your little one arrives on your doorstep will help you get a fresh start and prepare for your future. Learn more by meeting with a bankruptcy law firm in your state today.
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