Are you struggling financially and considering filing personal bankruptcy? Many people struggle greatly with this decision because they are so worried about the ramifications of their choice. However, most people are unaware of the fact that there are several advantages to filing personal bankruptcy that should be taken into consideration as well.
Finding Support While Filing Personal Bankruptcy
While filing bankruptcy may serve as a last resort to correcting your financial difficulties, for some people, it is the only option. Filing personal bankruptcy can be quite difficult – therefore, the first step is finding a law firm who can guide you through the process. That is actually the first advantage of personal bankruptcy – you are not alone. There are many law firms throughout the United States that specialize in bankruptcy law to help you achieve debt relief.
Stop Foreclosures & Harassing Collection Calls
Another major advantage of personal bankruptcy is the fact that you can save your home, your car, your property, and put an end to the harassing collection calls. As soon as you file for bankruptcy, creditors are no longer permitted by law to call you in order to solicit payments from you for the debts that you owe them. You will also no longer receive threatening letters regarding lawsuits over your debts either.
Furthermore, filing a petition for personal bankruptcy potentially safeguards you from losing your home, car, and other assets. In most personal bankruptcy cases, individuals are able to keep their assets such as these. However, these types of details are on a case-by-case basis. Again, having a bankruptcy lawyer on your side is the biggest advantage in personal bankruptcy.
Your Credit Can Actually Improve
Many individuals worry that fling bankruptcy will ruin their credit and keep them from being able to establish new credit in the future. Contrary to popular belief, this is not true. In fact, although a bankruptcy does appear on your credit report for ten years, many people are able to rebuild their credit quite quickly – making this another great advantage of personal bankruptcy. It is recommended that you discuss your options for rebuilding your credit after filing personal bankruptcy with your attorney.
Reducing Stress
The stress that financial debt places on families and individuals can be extreme. Filing personal bankruptcy can help reduce stress by relieving the financial burden with two personal bankruptcy options – Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. The option you choose will depend on what type of financial crisis you are in.
Discussing your options with a bankruptcy attorney can really help reduce the stress level of making the difficult decisions associated with filing personal bankruptcy. Once the process is complete, you will definitely feel relief. You will have your debt either paid or discharged reducing the stress that generates from having outstanding debt. Subsequently, you will be able to move on and enjoy life.
Making the decision to file bankruptcy can be confusing and difficult. Contact the Law Office of Brian R. Lewis today for your free initial consultation today!