Top 5 Benefits of Bankruptcy


Filing for bankruptcy is never an easy decision. However, more often people that file for bankruptcy always wish they had considered it sooner. The reasons are listed here in the top five benefits to filing bankruptcy.

1. The weight of the world is lifted off your shoulders. Let's face it, being in debt is stressful. Stress impacts your overall health. It's emotionally draining and depressing to owe more money than you can afford to repay. Filing for bankruptcy protection stops all collections against you and gives you the breathing room you need to set a repayment plan in Chapter 13, or discharge your debts in Chapter 7 without repayment when you qualify due to lack of income.

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2. It's not the end of credit; it's a new beginning. You can rebuild your credit after bankruptcy and in fact, many clients report that they obtain offers of credit immediately after their case is concluded. The myth is that bankruptcy will ruin your credit, but many clients report an increase to their credit score because their debt to income ratio increases with the discharge of their debts.

3. You can get out of those cell phone, apartment or car leases and other pesky contracts when you file for bankruptcy. Do you want to switch cell phone companies, but have a cancellation fee? Well not anymore when you state that you intend to surrender the contract in bankruptcy. Just one of the many benefits of seeking a fresh start through bankruptcy.

4. Control the interest rates on debts and pay them off in FIVE years or LESS. If you have skyrocketing interest rates on your current debts and it will take you more than five years to pay it all off, then you may want to consult with a Chapter 13 Bankruptcy lawyer. Bankruptcy stops interest from accruing on unsecured debts and sets the amount to be repaid based upon your disposable income. A powerful debt negotiation tool, eh?

5. Peace of Mind and Financial Freedom! Being free from debt is very liberating and if you stay out of debt, you can begin to build your savings for a secure financial future.

In addition to eliminating debt and contracts, bankruptcy helps to eliminate liens and possibly student loans. Working with an attorney who focuses their practice in bankruptcy law will be your best guide through the process.

Taking action sooner rather than later is important. Timing in bankruptcy is a very powerful tool and clients can leverage time. Don't wait until it's too late and you're being sued, having your car repossessed or about to lose your home. Having a strategy is the first step. Take it now and call a lawyer for a FREE consultation. You'll be glad you did.


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