Benefits of Bankruptcy
One of the most stressful situations people can find themselves in is living with extreme debt. Whether you lost your job, were hit with astronomical medical bills due to a sudden illness or injury, or fell into debt through some other circumstance way, the situation can become overwhelming very quickly. Bankruptcy is a means of escaping such a situation, but unfortunately, many people are put off by the idea of filing because of common bankruptcy misconceptions. In actuality there are many benefits of bankruptcy, whether Chapter 7 or Chapter 13 bankruptcy.
Relief from Debt and Creditor Harassment
Relief from debt is one of the most important benefits of bankruptcy. Of course, the main purpose of filing for bankruptcy is to have your debt reduced or to discharge your debt altogether. Filing under Chapter 7 allows you to have part or all of your debt dismissed so that you can start over. Even with filing for Chapter 13 bankruptcy, it will allow you to make more manageable and affordable payments towards your outstanding debts. With either option, bankruptcy creates a certain sense of relief and gives a foreseeable end to all of the stress related to such financial issues.
Another one of the many benefits of bankruptcy is that you can stop creditor harassment. Once you file for bankruptcy, there will be no more calls, letters, stress, or fear because they are legally obligated to leave you alone. Commonly referred to as an automatic stay, it protects against foreclosure, vehicle repossession, wage garnishments and eviction.
Giving you as the debtor a chance to catch your breath, this feature of bankruptcy can enable you to properly put together a financial plan without eminent worry about abusive tactics from creditors. If for any reason a debt collector violates this policy, it could result in huge fines and they could find themselves in contempt of court.
Financial Freedom and a Brighter Future
Bankruptcy may benefit you by allowing hope for the future as well. When you are stuck in debt, it can be difficult to hope for future success. Once you are free of your debt, however, you can begin a new life and start pursuing a more positive future. It can protect you in a legal sense from being incarcerated for unpaid support payments if you have fallen significantly behind on paying alimony or child support.
Even in cases where you have been at fault for a car accident, but unable to pay the damages due to your debt and have therefore had your license revoked, bankruptcy may help you regain your driving privileges. Find out how you could benefit from bankruptcy by calling an educated and experienced Marietta bankruptcy attorney right away.
Receive Exemplary Representation
For counsel and guidance from a passionate and caring attorney, contact Cherney Law Firm LLC today. I have personally represented over 2,000 clients and can help you file so that you too can experience the benefits of bankruptcy. My firm can also discuss any alternatives to bankruptcy with you to ensure that you are aware of all available options. Complete the free online case evaluation form or call my office today to learn what my firm can do for you and your financial situation.
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