Benefits to Declaring Bankruptcy
Although it may come as a surprise to most, there are benefits to filing for bankruptcy. Just because you have declared that you are no longer able to pay creditors does not mean that you will forever have terrible credit or that you will be deemed as a terrible person. Filing for bankruptcy has a positive side as well and although the process of admitting you may need financial help and signing a petition for bankruptcy is difficult, the pros can often out way the cons. You will eliminate your debt, stop the calls and start moving toward a future of financial freedom.
What good things could possibly come from bankruptcy?
Lots of good things can come from bankruptcy! Perhaps the most enticing of reasons to file is that the onslaught of harassing calls, letters and emails from collectors will start to subside. Many attorneys will even get the calls to stop altogether or be forwarded to their office. By filing for bankruptcy you are also avoiding possible lawsuits that may be filed against you by creditors and collection agencies.
Many people do not realize that if they file a Chapter 13 bankruptcy they will actually be able to retain some of their property. Typically, some property is considered exempt from bankruptcy . Even if liquidation of assets is necessary, some things such as clothing, furnishings, life insurance and some cars are exempt. After you file, debt goes away, allowing you a fresh start at your dignity and financial freedoms. If your wages were being garnished to pay off debt, you will also be able to restore most of your wages.
Moving Forward in the Next Chapter of Your Life
Once you have declared yourself bankrupt and the federal bankruptcy court has recognized your petition, you can start moving forward. After a few years your credit can start to build again and you may even receive loans from various lenders. Filing for bankruptcy can help you eliminate stress and lawsuits and when your debt is cleared and collection calls go away, you can start looking toward a better future.