Filing for bankruptcy is a big decision for people who are facing tough financial dilemmas. When debt becomes out of control, individuals can look to government support to receive aid. There are many debt solutions available for those struggling with their finances, and bankruptcy is just one of them. Though many people are understandably concerned with how the negative effects of bankruptcy will impact them, there are many benefits to filing for bankruptcy.
Relief From Creditors
Constant harassment from creditors is one of the biggest issues that individuals with debt go through. Bankruptcy can immediately relieve you from this, as it prevents creditors from communicating with you about payments. Filing for bankruptcy can put an end to the phone calls, email and notices about debt collection that individuals receive from creditors.
Eliminate Most Types of Debt
If you have credit card debt, personal loans, utility bills, and other forms of eligible debt, you can get them discharged when you file for bankruptcy. Student loans and unpaid taxes are some types of debt that can’t be forgiven through bankruptcy. Check to make sure that the type of debt that you have will be eliminated through bankruptcy.
Protect Your Property
A big concern that people looking for debt solutions have is that they will lose their home. When you file for bankruptcy, you can temporarily stop the foreclosure process. This allows homeowners to keep their home and prevent it from being sold by creditors. Homeowners who mainly file for bankruptcy for this benefit should keep in mind that the stop is temporary, so they should receive additional guidance from a lawyer about their next steps.
Talk to a Qualified Lawyer
While bankruptcy can lower your credit score among other initial drawbacks, filing for bankruptcy ultimately allows you to make a fresh start. Without debt, you can focus on creating a new plan so that you can regain control of your finances.
If you need assistance finding the right solution for debt relief, you can depend on the bankruptcy services offered by a top bankruptcy lawyer like The Law Offices of Neil Crane. Understanding all of your debt relief options is critical, and you may have additional solutions that you may not be aware of. Receiving guidance and legal advice from an experienced lawyer who has had a history of assisting clients struggling with debt can help you make more informed choices. Reach out to a top bankruptcy lawyer today to learn how you can benefit from using specialized bankruptcy services.