Bankruptcy Isn’t Always Bad: Why Filing May Be Best For You
Regardless of the circumstances, there’s a certain stigma to filing for bankruptcy. But while it has a negative connotation, the truth is that this type of filing isn’t inherently bad; in fact, it can provide an immensely important solution for those who have no other way out.
There’s a lot of judgement that can come with these suits, but they’re much more common than you might think. After all, the average American household has 13 payment cards, so it’s easy to become overcome with credit card debt. And when the bills start to pile up and you’re in over your head, working with a bankruptcy attorney can provide you priceless protection and allow you to get back on your feet. Let’s take a closer look at why taking control of your financial situation in this manner can actually be a good thing.
- You’ll get immediate protection from creditors
When you’re swimming in debt, you’ll be constantly hounded by creditors who want their due. This harassment from collectors can result in extremely high levels of stress and emotional disturbance. When you’re in the throes of this situation, it may seem like you’ll never escape. But by working with bankruptcy lawyers, you’ll get an automatic stay, meaning that these harassment calls will stop while you go through the filing process. The length of this stay can vary depending on your situation and location. But when the pressure is off you, you’ll be in a much better state of mind to make rational decisions about your finances and do what’s necessary for long term relief.
- You may protect your home, car, and assets
Depending on your state, a filing may be able to protect some of your assets. That means that you won’t necessarily have to give up your home, car, property, retirement funds, or other assets just because you’ve declared you’re financially bankrupt. While you’ll essentially have to choose which assets are the most important to protect, your lawyer can help you make this determination. The bottom line is that filing this type of suit does not mean you’ll lose everything or will have to start from scratch.
- You’ll get a new start
Essentially, this type of claim will provide you with a fresh slate. Although it’ll take some time for your credit score to recover, it’s often the only thing that can provide financial relief and emotional freedom from debts. Your slate may not be entirely clean, but it’ll give you a much-needed reprieve from the stress and the piling bills. Be sure to ask your lawyer about what you can expect during a filing and its aftermath.
If you’re struggling with mountains of debt and aren’t sure where to turn, our law firm is here to help. For more information on bankruptcy filings, please contact us today.