Benefits of Filing for Bankruptcy

Filing for bankruptcy is undoubtedly a very stressful time in one’s life. Although it may be hard to see, there are several benefits to filing for bankruptcy that you should take advantage of throughout the process. In this blog, our Brevard County bankruptcy lawyers explain some of the benefits in filing for bankruptcy.

You Can Keep Your Home

Depending on the type of bankruptcy you file, there are assets that are exempt from liquidation. By using these exemptions, it’s likely that you can go through the bankruptcy process without having to give up your house, car, and other valuable assets.

Getting a Fresh Start

After you file bankruptcy and your debt is discharged, your financial slate will be wiped clean. This is the best way to begin rebuilding your credit and work your way back to being a responsible debtor. It’s important to remember, however, that you’ll experience higher interest rates and more limits on credit for several years following your bankruptcy.

Creditors Will Stop Harassing You

Perhaps the most overwhelming aspect of bankruptcy are the incessant calls from creditors and collections agencies. The moment you and your bankruptcy lawyer officially file your petition, you enter what’s known as an “automatic stay period,” which means that creditors are not allowed to contact you. If they do, they can be on the receiving end of a number of court penalties.

It Can be Anonymous

Friends, co-workers, and distant relatives don’t ever have to know or find out that you filed for bankruptcy. It’s easy to understand why individuals would not want people to know they filed for bankruptcy – public perception remains that bankruptcy is for people who financially irresponsible, which simply isn’t true. The only time your bankruptcy filing would come out is if you’re asked for a credit history report.

You’ll Receive Credit Education

Bankruptcy laws state that individuals who file for bankruptcy are mandated to receive some type of credit education or counseling. This allows the individual filing to look back at their financial history and set themselves up for success for their future. It’s imperative that you take advantage of this opportunity and get as much education as you can out of it in order to properly reset your credit course going forward.

At The Buchalter Law Group, we have a passion for helping clients through even the toughest bankruptcy cases. Financial distress is too heavy of a burden for anyone to shoulder, and our Brevard County bankruptcy attorneys have more than 35 years of legal experience offering honest and trustworthy counsel to those who need it most.

Learn how Buchalter Law Group can help today! Call (321) 320-6088 to schedule a free case evaluation.

Categories: 
Related Posts
  • Which Debts Are Considered Priority Debts During Bankruptcy Read More
  • What Are the Warning Signs of a Debt Problem Read More
  • How to Prepare Your Company for Chapter 11 Bankruptcy Read More
/