Bankruptcy has its advantages
Bankruptcy is a formal legal process that releases you from your obligations to pay your creditors. It should be considered after all other debt settlement options have been evaluated.
Unlike other options, bankruptcy does not require any input from your creditors. As long as your financial problems are severe enough to render you insolvent, it is your right to file a bankruptcy.
The major benefits provided by bankruptcy are the following:
1. Most debts are completely eliminated by bankruptcy. This include credit cards, bank loans, business debts, income tax, payday loans, and other types of consumer debts;
2. In most cases, you can keep your house, your vehicle and your investments;
3. Wage garnishments, legal actions, judgments and other collection efforts from your creditors are immediately stopped.
4. The cost of bankruptcy is tailored to your income. If your monthly income is minimal, the cost to declare bankruptcy will also be minimal.
5. In most cases, there are no meetings with your creditors, no negotiations and no court appearances. The process can be over in as little as 9 months.
To review bankruptcy and other options to resolve your debt problems, contact us for a free confidential consultation.
You can also click on How does Filing for Bankruptcy Work.
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