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Learn About the Advantages of Filing for Bankruptcy

On Behalf of | Feb 12, 2018 | Bankruptcy |

Are you overwhelmed by credit card or medical debts? Are you just treading water financially, with nothing left at the end of the month? Bankruptcy is a smart option for those who need relief from the weight of a crushing debt load, setting you free to re-build your financial life.

Five benefits of filing for bankruptcy include:

Creditors must stop contacting you as soon as you file. This is one of the most important reasons to consider bankruptcy. As soon as you file, an automatic stay goes into effect, which stops all calls, letters and other contacts from creditors or collection agencies. The automatic stay also stops eviction proceedings, prevents utilities from being disconnected and more.

You and your finances will get a fresh start. While filing might seem like the end of the world, bankruptcy allows you to quickly rebuild your credit and learn important financial skills like creating a budget and living within your means.

Most debts can be discharged through bankruptcy. Many types of debt can be discharged through bankruptcy, such as medical bills, credit cards, personal loans and lawsuits. The freedom you’ll feel from getting out from under an impossible debt load will immediately change your life for the better.

“I’ll lose everything if I file for bankruptcy.” This is a common myth which fortunately is untrue. Certain state exemptions may allow you to keep your house, car and other assets or property.

Your credit will quickly start to improve. Once your debts have been discharged, you will have a clean financial slate. Because of your reduced debt load, lenders may consider you a better risk. Your credit score also starts to improve right away with many people achieving a FICO score of 700 within 12 months.

A skilled bankruptcy professional will help you decide if filing is the best choice for you, based on the types of debts you have and other factors. Learn if filing for bankruptcy is the right decision by speaking with a professional in your area.

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