For several persons, gaining financial independence is part of the American dream. Financial freedom involves getting the resources and investments to enjoy your lifestyle and guarantee secured retirement for your financial future. America was founded on ideals such as the right of every citizen to “live, freedom, and the search of satisfaction.” Unfortunately, partially in reaction to the loans they owe, most Americans have not yet achieved financial independence.
Bankruptcy is one way to assert the freedom of millions of Americans from their creditors. Here are four aspects that bankruptcy will help you gain financial independence in recognition of the Fourth of July:
- Bankruptcy Halts Debt Collection: While you are continually worrying about creditors calling you seeking compensation or trying to seize collateral goods, it is impossible to feel free. The first thing the bankruptcy filings do is place an immediate stay on debt collection activities, which means preventing you from getting approached by creditors.
- Most of the unsecured loans can be paid off or discharged by bankruptcy: once your petition for Chapter 7, the insolvency phase can discharge the unsecured debts. You will get a repayment option if you petition under Chapter 13, which could be far more affordable than charged. That will provide freedom from debt.
- During bankruptcy, you should secure your house: Your home is a significant part of your financial freedom, and being behind on mortgage payments can imply your home is at risk of being lost. The bankruptcy filing offers you straightforward means to secure your house. The declaration in a Chapter 13 bankruptcy helps you to keep up with the recovery schedule on late mortgage payments while you are overdue with the mortgage payments.
- Bankruptcy offers you a fresh start: Gaining financial independence includes a strategy that entails budgeting your resources and, where you can, saving capital. It is impossible to prepare for something other than having to keep up with bills every month because of being swamped with debt. Your loans will be resolved or made more manageable by filing for bankruptcy. With the current financial independence, long-term retirement programs that can help you gain financial security may be introduced.