Rather than Signaling an End, Bankruptcy Can Mean a New Beginning

Although many people think of bankruptcy as an endpoint, it is actually a way for individuals and businesses to have the opportunity to make a new beginning on fresh financial ground. Of course, such new beginnings should not be undertaken without first consulting with attorneys in the Lawrenceville area regarding the advisability of bankruptcy in any particular situation. But, if your attorneys think that it would benefit you, filing for bankruptcy can bring relief from the crushing debt that you have been experiencing, allow you to regroup, and then provide you with the chance to start over.

An example of the chance to gain a fresh start with a bankruptcy filing can be seen with School Specialty Inc. The school supplies distributor recently filed for bankruptcy protection in U.S. Bankruptcy Court. According to the company’s CEO Michael Lavelle, the company will continue with its regular operations throughout the bankruptcy proceedings that he anticipates will be completed in about three months. During that time, the company will implement changes that will enable it to succeed in the long term. The company has long been one of the largest classroom supply and equipment distributors in the nation.

Whereas some might view School Specialty’s filing for bankruptcy as the beginning of the end for the supply company, clearly the president, along with the stockholders, views it as an opportunity for a brand new beginning once the bankruptcy is completed and the company has been restructured and implemented certain changes.

In the same way, your bankruptcy attorneys Lawrenceville area can help you to make a new beginning as well. Just as companies often restructure after filing for bankruptcy, individuals who file for Chapter 7 or Chapter 13 bankruptcy in the state of Georgia are required to take classes to help ensure that they do not get into similar financial straits in the future. However, once the classes are taken and the bankruptcy complete, individuals can look forward to future that is debt free. It is as though bankruptcy provides the chance for the ultimate financial do-over.

Make no mistake; filing for bankruptcy is not an easy out that simply lets debtors off the hook. In both Chapter 7 and Chapter 13 a significant portion of the debt owed is repaid and it can be an arduous and difficult time for those who file. That is why the assistance of attorneys can be so vital.

If you would like help in charting a new beginning, discuss the bankruptcy options available to you with experienced attorneys in the Lawrenceville area as soon as possible. Bankruptcy can mean a debt-free future for you and your family.

 

When you want to investigate the new possibilities that you might enjoy by filing for bankruptcy, attorneys at the Lawrenceville Law Office of Kevin J. Pratt are available to help.

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