Having to deal with heavy debt and financial difficulties can be a very stressful time in one’s life. You will be faced with difficult options as you try to navigate the coming days, weeks, and months, including whether or not to file for bankruptcy.
While it’s vital to seek the advice of a professional, such as a bankruptcy attorney, you might also want to consider how bankruptcy can be beneficial to you and your family. Here are a few of the advantages of declaring bankruptcy and how it can help you get out from under your debilitating debt by providing you a fresh start.
Dismissed Unsecured Debt
The discharge of any unsecured debt is one manner in which bankruptcy might assist you get a fresh start. Any obligations that are not secured by an asset, such as a home or business, are dismissed when you file for bankruptcy. Debts incurred as a result of medical and credit card bills are included in this category.
Relief from Debt Collectors
When you’re in debt, dealing with creditors and collection agencies can become a regular occurrence. It’s difficult enough to get back on one’s feet without the added burden of continual reminders of one’s debt. One of the advantages of filing for bankruptcy is that when you file, creditors are not allowed to contact you and can be penalized if they do, which can offer you some breathing room.
Protection of Certain Property
Filing for bankruptcy in a timely manner can help to safeguard you and your family by allowing you to maintain your house. Depending on where you live, when you file for bankruptcy, and the value of your house’s equity, filing for bankruptcy may prevent your home from being liquidated.
While filing for bankruptcy can be a frightening and intimidating process for some people, it can also be a good experience for others. Filing for bankruptcy gives you a financial fresh start and might help you break away from the stress and anxiety of previous financial difficulties.
Contact Bethlehem Bankruptcy Lawyer for a FREE CONSULTATION at 610-510-2073. You can depend on Bethlehem Bankruptcy to provide clear information on bankruptcy law, each step you must complete, and how to best approach and manage life after bankruptcy.