Bankruptcy is a valuable tool that helps many distressed borrowers learn to deal with burdensome debt. When you file for the protection bankruptcy offers, you get immediate relief because the law prohibits collectors from contacting you the instant you file, so you can stop worrying about how you are going to make all of your monthly payments on a limited budget. These are benefits that begin working for you right away, but there are also long term benefits to filing for bankruptcy.
Three of the most common long term benefits to bankruptcy are:
● Your debt is either eliminated or reduced, which means that long after your case is over you don’t have to try and figure out how to continue paying more debt than you can manage.
● Without debt that will likely never be paid off, you can start fresh with a new budget and a fresh outlook on how to manage your finances.
● The financial counseling that you have to go through as a part of your case will give you ideas on how to stay out of financial distress in the future. This lets you start and maintain an emergency fund or savings account, so you are prepared when life hits you with an unexpected expense.
Some people have a hard time making the decision to file for bankruptcy, but when you take into consideration what you have to gain, the choice should become clear. Bankruptcy allows the “honest, but unfortunate debtor” to start over and find solid financial footing. If you have ever wondered about whether bankruptcy is right for you, call us to talk thigs over. We will explain how the process works, tell you what you can expect during your case, and help you see what the picture looks like once your case is finished. When you have all of the information needed to make an informed decision, it becomes easier to plan for your future. And that is what bankruptcy can do for you; it can allow you to get out from overwhelming debt now, so you can stay afloat tomorrow.
For more information about bankruptcy, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.