4 Advantages Of Filing For Bankruptcy

4 Advantages Of Filing For Bankruptcy

17 June 2020
 Categories: , Blog

Bankruptcy is usually seen as a bad thing and has always had a stigma. It is something nobody ever wants to admit that had to do and nobody ever wants to talk about it. Bankruptcy does have its advantages and shouldn't be seen as a failure. Read on for a few advantages of filing for bankruptcy.

1. You'll Be Less Stressed

There is a lot of stress in paying your bills, especially when you don't have a lot of money to pay your bills. This stress can lead to other issues and stresses in your life such as at your job, with your family, and in your relationships. This stress can show up in other ways in your life, and you may stop doing the things you normally love to do because your either too stressed, or you may even become depressed. Filing for bankruptcy can help ease this stress.

2. You'll Have Fewer Bills

If you file for chapter 7 bankruptcy, you'll have fewer bills to worry about, as these bills will all be included in your bankruptcy. If you file for chapter 13 bankruptcy, your bills will all be rolled into one payment that you pay to the trustee. Fewer bills mean you will have more money to do other things with and can afford to pay for your place to live and other monthly utilities with ease.

3. You'll Get Rid Of Creditors

The constant phone calls of creditors and other debt collectors can be tiresome. They can begin to be rude and be relentless in their efforts. The phone calls and bills coming in the mail can all stop with filing for bankruptcy. The creditors have to cease calling or making any type of contact with you after you file your bankruptcy and cannot contact you as long as they are included and the bankruptcy was discharged properly. 

4. You'll Get To Keep Some Of Your Assets

Depending on your bankruptcy and what you owe, you may be able to keep some of your assets. Things such as your car or your home may be able to be kept as long as you don't owe too much on them. The decision to keep these assets is up to the bankruptcy trustee. 

There are a number of advantages to filing for bankruptcy. Don't look at bankruptcy as a failure in the financial part of your life, look at it as a new beginning for you. Make an appointment with a bankruptcy attorney to learn more.

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 Bankruptcy Attorneys Can Help You Regain Freedom

When you have a large amount of debt and no way to pay it, you can start to feel like your freedom has been ripped away from you. With every debt collector that calls and every bill that comes in the mail, you feel more and more uneasy. Thankfully, there is a way forward. You can call a bankruptcy attorney and find out if declaring bankruptcy is an option. This will depend on your income, total debt, and what type of debt you have. Here on this website, you can learn more about the work of bankruptcy attorneys and how to proceed.