Should I File Bankruptcy If I Lose My Home in a Natural Disaster?

Creditor lawsuits can be very stressfulThe aftermath of a natural disaster is a chaotic time where people rightfully so are more concerned with survival and safety than protecting their financial interests. However, as people begin to pick up the pieces and assess the damage left behind by the disaster, including the loss of a car, home and/or small business, the financial hit may be too much for them to handle. Therefore, in some instances, filing bankruptcy after a natural disaster may be the best option.

How Can Bankruptcy Help Me Rebuild My Life After a Natural Disaster?

Bankruptcy has a negative stigma attached to it. People tend to see it as an easy way out or something that hurts you financially. However, nothing could be further from the truth. Bankruptcy is a tool that people and businesses can use to rebuild their lives after the worst has happened, including a medical emergency, death in the family, divorce or a natural disaster.

After a natural disaster, insurance may not be enough to help individuals, families or businesses recover financially. Whole families may have lost their home. A business’ storefront, employees and customer base may have been lost in an instant. An individual may have lost his or her home and had their place of employee destroyed in the blink of an eye. How can you keep up with your bills and living expenses at a time like that? What if you were injured in the incident and cannot afford the medical bills or further treatment you will need to recover from your injury?

Filing bankruptcy after a natural disaster can give you time to recover from your injury, find a new home, get a car and find a job without having bill collectors hounding you or building a mountain of debt. Even if you do not think that you will file bankruptcy after a natural disaster, you should still speak to an experienced bankruptcy lawyer. You need to know what rights you have and the best options available to your family before you make a decision that will impact you and your family’s future for years and maybe even decades.



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