Bankruptcy with Republic First Funding
If you’ve ever lost at monopoly then you probably know what bankruptcy means. You’ve lost all your cash, sold all of your houses and hotels, and mortgaged your last property. You owe other players money and have no other recourse to pay them. You’re sunk.
Thankfully, although bankruptcy is a thing in the real world, it’s not quite as dramatic as monopoly. Bankruptcy is a sort of end-game final solution to getting rid of your debt and starting over with some semblance of a clean slate.
What does bankruptcy mean
Technically, bankruptcy is a court proceeding. When you can’t pay your bills, a judge and court trustee will examine your assets and liabilities and decide whether to discharge your debts so that you are no longer legally required to pay them. Filing bankruptcy with a court is the first step and you can file either on your own or with an attorney.
The main idea behind bankruptcy isn’t to offer a get-out-of-debt free card but rather to give those whose finances have completely collapsed a chance to start over.
If you’re embarrassed or ashamed of thinking about declaring bankruptcy, you might not need to be. Of all of the cases filed in 2019, approximately 97% of them were individuals (instead of businesses). More people are in hot water than you’d think.
When should I declare it
Conventional wisdom is that bankruptcy should be your resort for people in financial trouble. If you file for bankruptcy then it means that you'll most likely have to give up some of your assets (just like in monopoly). Additionally, your credit rating may be damaged for up to 10 years.
Bankruptcy should be explored only when you’ve exhausted all other options. A few better ideas to explore (other thank bankruptcy) are:
- Debt consolidation loans
- Debt settlement
- Asking for help from family and friends
- Meeting with your lender to renegotiate the terms of your loan
A good general rule of thumb is that if it’s going to take you more than 5 years to pay off your debts then it is probably a good move to declare.
Positives of declaring bankruptcy
- bankruptcy can be a quick process, enabling you to start a new financial life and begin rebuilding your credit more quickly than other options.
- According to Debt.org, about 94% of all the applicants who filed for bankruptcy were discharged (they had no more obligation to pay). This means that if you choose to go down the bankruptcy path, you’ll probably get what you’re looking for!
If you have no other recourse, then bankruptcy is a path that you might have to go down.
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