Bankruptcy has long been considered a last-resort option for many people unable to free themselves from the burden of overwhelming financial responsibilities. Until recently, it carried with it the social stigma of being identified as someone who does not or will not pay their bills.
The truth is, Bankruptcy can be a valuable tool in helping to restore your financial well being and provide you and your family with a fresh start. Bankruptcy should be considered an opportunity to permanently secure your financial future rather than a quick way to resolve debt.
Sure, there are concerns about how filing for Bankruptcy may negatively affect your credit score or remain on your credit report for years to come. These concerns often overshadow the potential benefits of bankruptcy which may hold you back from making the right choice for your own financial well-being.
Below are some of the positives when considering Bankruptcy — yes, there are positives! – but remember: Filing for Bankruptcy can be a good decision to get control of a very bad financial situation; however, it is not one that should be rushed. Consult an expert to determine if Bankruptcy is the right choice for you and your own unique set of circumstances.
- Bankruptcy allows you to be free from your current debt. Depending on the type of bankruptcy you file it will either discharge your debt so that you are no longer responsible for paying it back or you will be placed on a repayment plan that you can afford.
- Bankruptcy can prevent your property from being repossessed.
- Bankruptcy stops the debt collection process and creditors must stop attempting to collect debts during bankruptcy… No more calls and letters from creditors threatening to sue allowing you to catch up financially.
- Bankruptcy prevents utility companies from cutting off service and requires them to restore service.
- Bankruptcy stops the foreclosure process and gives you time to catch up on your payments so that you can avoid losing your home.
- Bankruptcy gives you the chance to dispute claims from creditors and protects you from having to pay false claims or pay more than what you actually owe.
- Bankruptcy frees you from the stress of how you will pay your bills. Taking away the worry and anxiety of how you will make ends meet can change your life.
- Bankruptcy can affect your credit but you will still be eligible for loans and credit after a period of time.
- Bankruptcy can teach you how to save money, manage credit, and be more financially responsible overall.
- Bankruptcy gives you a fresh start!
cdilegal 
Leave a comment