Bankruptcy is considered a dreaded financial decision by many, but the truth is it can improve your life if you are currently experiencing a financial crisis. Bankruptcy is a tool available to help you improve your situation. It can take a bad situation and make it better, and give you the resources needed to get your finances back on track. Bankruptcy offers a variety of benefits, including:
Putting an End to Creditor Harassment
Filing for bankruptcy creates an automatic stay, which means creditors can no longer contact you or make demands for payment. The frustration and harassment you feel when you are struggling financially eases the moment you file and allows you to concentrate on fixing the problem, instead of juggling bills and avoiding calls.
Protecting You from Foreclosure
If you are struggling to make ends meet and it has affected your ability to pay your home mortgage, you could be headed to foreclosure. Filing for bankruptcy stops foreclosure proceedings and could give you an opportunity to catch up on mortgage payments. Bankruptcy is also an effective tool for homeowners “underwater” on their mortgage – meaning they owe more to the lender than their home is worth. It’s important you work with an experienced bankruptcy attorney who can explain your options as a homeowner and help you keep possession of your home during bankruptcy.
Stopping Wage Garnishment
Wage garnishment is something used by creditors to ensure they receive the money they are owed. It is a legal option that allows them to take money directly from your hard-earned paycheck. Filing for bankruptcy ends creditor access to your earnings, which can not only help you financially, but also eliminate the embarrassment of your employer knowing you are struggling.
Helping You Manage Debt
One of the most common reasons people file for bankruptcy is because it allows them to eliminate some – or all – of their debt. Though some debts are non-dischargeable, including child support, student loan payments, and taxes or other government debts, many others can be eliminated, including troublesome credit card debt.
Eliminating debt makes it possible to move forward with your life without constant concern about paying creditors. The discharge of certain debts is one of the greatest benefits provided by bankruptcy and the reason many people choose to proceed with the process.
For more information about dischargeable debts, visit USCourts.gov.
Are you struggling with money from month to month? Do you want a solution that really helps you get back on track? Contact R. Flay Cabiness, II, P.C. at (912) 554-3774 (Brunswick, GA); (912) 375-5620 (Hazlehurst, GA) or; (912)-554-3756 (Jesup, GA) to schedule a consultation or to discuss the details of your situation.
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