Should I Hire a Bankruptcy Attorney in Utica?

hire a bankruptcy attorney in utica nyWhen facing the risk of losing your home to foreclosure or being completely overwhelmed with debt and unable to pay, you should consider bankruptcy. Of course, the very thought of filing bankruptcy is frightening, and many people feel as if they’ll be viewed as irresponsible if they file.

 

You should never feel embarrassed or ashamed when filing for bankruptcy. After all, most people who end up hiring a bankruptcy attorney in Utica have been dealt some hard blows. For example, some people have experienced job loss while others have gone through difficult divorces or faced major health issues. Bankruptcy does not make you irresponsible or a failure, but does allow you to put a bad financial situation behind you while enjoying a fresh start in life.

 

Princeton University recently studied the finances of over 500,000 individuals who filed for bankruptcy. This study looked at each person’s financial situation five years prior to filing bankruptcy and then again five years after. The results showed that for people who filed successfully, bankruptcy was extremely beneficial.

 

Study Results

Additional things that came to light from the Princeton University study include:

  • Individuals who filed Chapter 13 Bankruptcy earned an average of $5,500 more annually compared to people who had not filed.
  • The average increase in salary for people between the ages of 25 and 40 who filed bankruptcy was over $7,800.
  • The risk of losing a home to foreclosure was dramatically less for people who filed Chapter 13 Bankruptcy.
  • The risk of being on welfare was much less because the ability to work increased for people who filed Chapter 13 Bankruptcy.
  • The lifespan was greater for people who filed Chapter 13 Bankruptcy.
  • Filing for bankruptcy alleviated a tremendous amount of unnecessary stress. Before filing for bankruptcy, as much as 84 percent of the people studied reported feeling seriously stressed but after filing, only 34 percent claimed to be stressed.

 

Bankruptcy is a legal vehicle that helps in dealing with serious financial problems. By hiring a qualified bankruptcy attorney in Utica, you are given the gift of starting over—you can forget about your past and just focus on a bright future.

 

If you are ready to eliminate financial stress and make 2016 an amazing year, a bankruptcy attorney in Utica can help. For a free, no-obligation, and confidential consultation, please call us today.

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