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The Benefits of Bankruptcy

Learn how bankruptcy can help you!

Are you drowning in debt? Most people only hear about the cons and drawbacks of bankruptcy, but you rarely hear about all the profits and benefits that it has to offer. Bankruptcy was created by the government to be a practical option for Americans who are in financial crisis and people should be afraid to take advantage of it. There is definitely something to be said about the joys of financial freedom and stability and filing for bankruptcy may be just the right avenue to get you there.

Evade Creditor Harassment

Do you get calls in the early morning from creditors calling again for their payments? Are you tired of receiving unpleasant collection letters in the mail? After you file bankruptcy you will be protected under Title 11 of the U.S. code section 362, by what is called the "Automatic Stay," which is a legal court mandate that prohibits creditors from harassing you or even contacting you. If creditors violate this rule in any way and the courts are notified, then they may have to face the consequences. This still stands true even you have remaining debts that were not discharged in the bankruptcy.

Save Your Home

Are you at risk of losing your home? If the bank is about to foreclose on your home, you can buy yourself some time filing for bankruptcy. With a Chapter 13, this will stop them from foreclosing and also give you a chance to renegotiate a more affordable payment plan with creditors. This would also be a good time for you to consider discussing a loan modification with your lenders. If you are afraid of losing your house, don't lose hope! There are options available to you and you could figure out the best plan of action by speaking with your bankruptcy attorney.

Get Your Life Back – Free from Debt

One of the top stressors in a relationship can be financial disputes. Many couples find themselves arguing about money most of the time and financial hardships really do take a toll on the entire family. Don't let debt wreak havoc in your life any longer! Safeguard your marriage and simplify your home life by eliminating your debt for good. With the source of the problem taken out of the equation, you will be able to focus on the more important things and truly enjoy their company.

With a Chapter 7 bankruptcy you will be able to discharge most, if not all, of your unsecured debt. Not every debt will be forgiven, but student loans, credit card debt and medical bills are all qualified debts. This means that those debts are completely forgiven and will never need to be repaid. This gives you a fresh start so you can build up your credit score with a clean slate.

You can Manage to Pay Your Bills

When you are considering bankruptcy, it is usually because you are in over your head and cannot afford to pay all of your bills. With Chapter 13, your assets are protected and your bills can be made more manageable in light of your financial situation. The benefit of Chapter 13 is that you can renegotiate a more realistic repayment plan with the creditors and space out the payments. This could allow you time to pay off your taxes or past debt over a period of up to five years. Filing for bankruptcy will also stop creditors from garnishing your wages or garnishing directly from your bank account. Don't let your finances spiral out of control. Talk to a Sacramento bankruptcy attorney early on so that you may be able to avoid sinking even further into debt. Call Price Law Group today to learn more about the benefits of bankruptcy!

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