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Advantages of bankruptcy may help struggling cosmetologists

For many cosmetologists in Wisconsin and across the country, helping people look their best and feel good about themselves is a joy. Whether someone comes into a salon for a new style or color, carrying out work that is just what they ask for can help them feel satisfied.

Of course, your career and income likely hinge heavily on the number of clients and appointments you have at a given time. After all, if you are not providing cuts, color or styling to your clients, you likely are not generating any income. When times are hard, fewer clients come to the salon, and you may find yourself struggling to make ends meet.

Accumulating debt

Though you may love your job, you may quickly see bills start adding up if you are not performing your intended services. You may think that business will pick back up soon, but if you own a salon and have to pay the bills associated with keeping the lights on, you may find yourself having greater and greater concern about your financial affairs.

Unfortunately, if matters do not improve, you could start to feel as if you will never get out from under the debt you have accrued during the decline in business. Now, you may wonder what to do.

Positive sides of bankruptcy

If your debt reaches a point at which you know you can no longer effectively handle it on your own, you may want to look into your debt relief options. You may worry that filing for bankruptcy may not help your issues, but look at the following positive aspects of bankruptcy:

  • Any creditor calls you have been experiencing will stop after an automatic stay goes into effect.
  • If you have concerns about your credit after bankruptcy, remember that ways exist to rebuild credit and once again reach a stable point.
  • Successfully completing the bankruptcy process could give you a fresh start.
  • Even after filing bankruptcy, you could still qualify for loans and other lines of credit, though higher interest rates or other stipulations may apply.
  • Chapter 7 bankruptcy can allow for the discharge of allowable debts, meaning that you do not have to repay them.
  • Many of your assets, like your home, vehicle and tools of your trade, are exempt from the liquidation process, so you will not be left with nothing as many people fear.

Of course, choosing to move forward with bankruptcy is a personal decision, and whether it is right for you can depend on the exact circumstances you face. However, if you consider this option and want to ensure that the information you obtain is reliable, you may find it helpful to discuss your situation with an experienced attorney.

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