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The Benefits of Bankruptcy

What can I gain from it?

Filing for bankruptcy is never an easy decision. It is important to weigh all of your options and utilize the best debt-relief solution for your financial situation. Hopefully the information provided can help give you deeper insight into the terms of bankruptcy and the positive impact that it could have. Most people view bankruptcy as a dreaded remedy that marks the end of the road that is impossible to come back from. This is very far from the truth and it could actually help you conquer your insurmountable and benefit you in more ways than one.

Put an end to Creditor Abuse

Are you harassed by creditors on a daily basis? Creditors have a tendency to flood your phone with pestering calls, fill your mailbox with demanding letters and they may even try to reach you at work or contact your family and friends to get their hands on your money. Your personal space has been violated long enough! When you file for bankruptcy the creditors must immediately cease all communications with you. They can no longer harass you, sue you, or try to repossess your property.

The legal name for this rule is the "Automatic Stay" which is found in Title 11 of the United States code, section 362. This makes it so that creditors will be penalized if they contact you after you have filed for bankruptcy. Now your rights can be preserved and you can have your life back, free from creditor abuse and scrutiny.

Begin Again with a Fresh Start

Bankruptcy is not the taboo and forbidden solution that people make it out to be. In fact, millions of Americans have already taken advantage of the many debt-resolving benefits that it has to offer. In 2010, more than 1.5 million Americans filed for bankruptcy and many of those filings came from California or Arizona. So don't let the fears and myths regarding bankruptcy stop you from experiencing financial freedom. By filing Chapter 7 bankruptcy, you will be able to discharge most, if not all, of your debt, it is simply forgiven and never has to be repaid.

Many Americans that are considering filing for bankruptcy are turned away by the fact that it will stay on your credit history report for ten years after you file. While this is true, it may be the only thing to help you turn your finances back around so you can afford your payments and begin rebuilding your credit score. Many people dabbling with the idea of bankruptcy already have poor credit because they do not pay creditors or pay them on time and that is what affects your credit the most. Studies have shown that many applicants who file see their score improving after just 2-4 years after they file. This is because they are now able to manage their payments and prove to creditors that they can be a responsible debtor.

Save Your Home from Foreclosure

Are you in over your head with debt? Are you unable to afford your mortgage payments? If so, it is imperative that you contact a bankruptcy attorney early on before bank tries to foreclose on your home. It is also beneficial to contact your lenders and begin negotiating a loan modification with them. The economic downturn in the U.S. affected millions of families and made it very difficult to hold onto their homes. Bankruptcy could actually protect you in this instance and keep the banks from foreclosing your house. If you inform creditors in advance of your tight financial situation and stay in open communication with them, they may be more willing to come to an agreement. If you file for Chapter 13 bankruptcy you will be able to set up a more affordable repayment plan giving yourself up to 5 years to pay off your debts.

Prevent Wage Garnishment

As a debtor, if you fail to make their scheduled payments on a regular basis and are not in communication with creditors, then the courts may take legal action and retrieve the money through alternative means. After a while your employer may be notified and they will be asked to withhold a certain amount of money from your paycheck. This is referred to as wage garnishment. There are also instances where they go directly into your bank account and recover the money that is owed to them. This can make it very difficult to provide for your family, put food on your table, fill up your gas tank and do those simple things that can add up rather quickly. Filing for bankruptcy can put an end to garnishment and help you hold onto your hard-earned money. Contact the legal team at Price Law Group today to learn more about bankruptcy and how you can personally benefit from it.

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