Many times people have to make decisions that they don’t want to make. One of those decisions is filing for bankruptcy. Being under the stress from crushing debt can many times be overwhelming. That’s why filing bankruptcy might be a decision that will relieve some of the pressure. Having a bankruptcy attorney help you in making this decision can be very beneficial. A bankruptcy attorney can evaluate an individual’s financial situation and lead them down the path to becoming debt-free.
Creditors don’t want you to know this that filing bankruptcy has many benefits. The most powerful benefit of a bankruptcy filing is the automatic stay. This is one thing that creditors hate. When an individual files for bankruptcy, the court implements the automatic stay which stops creditors from all types of debt collection. In fact, the creditors are not even allowed to contact the debtor. That’s why when it comes to looking at could be one of the most important and positive decisions in your life. In today’s day and age of high debt limits on credit cards, many times it would be impossible to ever pay those debts back. Having something like bankruptcy can be invaluable to give consumers a second chance at their financial future.
There is a type of bankruptcy for everyone, with chapter 7 for those individuals with large amounts of unsecured debts and Chapter 13 falls more along the lines of people wanting to protect their property. A is a huge benefit in selecting what chapter of bankruptcy to file. They can look at your income and assets and devise a plan to help an individual eliminate their debt. Like in everything, timing is important. The bankruptcy attorney, using their expertise will know exactly when to pull the trigger and file the bankruptcy petition to get the maximum amount of benefit out of the filing.