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Home > Blog > Bankruptcy and Debt Relief > Benefits of Filing for Bankruptcy

Benefits of Filing for Bankruptcy

Benefits of Filing for Bankruptcy

The thought of bankruptcy can seem like an overwhelming and frightening possibility. Filing for bankruptcy is probably one of the last things you thought you would be facing in your lifetime. However, bankruptcy can be a good alternative to financial stress and there are actually many benefits of filing for bankruptcy

You shouldn’t think of bankruptcy as overwhelming if you have a good attorney who will work alongside you throughout the whole process. You also shouldn’t think of bankruptcy as frightening but instead a fresh start, and a chance to start over.

The benefits of filing for bankruptcy

  1. A fresh start. Although you may still have financial problems, getting rid of your debt can give you the chance to start over and get your life back on track. It’s a step in the right direction that can help you with your financial issues. As part of your bankruptcy plan, some attorneys also offer assistance to help you rebuild your credit. 
  2. Protect yourself from creditors. Being harassed on a daily basis by creditors can cause you to have both emotional and physical stress. Once you file for bankruptcy, an automatic slay can protect you from creditors and you will find instant relief from the consistent harassment.
  3. Get rid of your unsecured debt. Unsecured debt is debt that does have collateral promise to a lender. Most people have some type of unsecured debt. Credit card bills are the most common form of unsecured debt. Medical bills, utility bills, phone bills, monthly memberships, any bill that doesn’t have a large asset attached to you are all unsecured debts. By filing for bankruptcy can you find relief by getting rid of any of your unsecured debts. 
  4. Protect your property. Filing for bankruptcy doesn’t necessarily mean that you will lose everything that is important to you in your life. Debts like your home and car are secured debts and are not forgiven, however you maybe be able to put together a plan with your attorney that can protect your personal property from being seized. When it comes to your car and home you might be able to keep your car and even reduce your monthly car payments and restructure your mortgage to make it more manageable for you. 
  5. Your employment is protected. You may feel embarrassed or even insecure that you have to go down the path of bankruptcy. Bankruptcy is a private matter and does not have to be discussed or explained to anyone. Your employer doesn’t even have to know you filed for bankruptcy and you can not get fired just because you filed for bankruptcy. 
  6. Indiana Exemptions. By filing for bankruptcy in Indiana you do have a few exemptions that can help to protect yourself and your assets. Here are a few most common exemption examples;
  • Accounts such as your savings account(s), retirement account(s), 401K, disability payments, life insurance, social security, unemployment, and worker’s compensation are all exemptions
  • Personal property exemptions including income tax credit, firearms, and up to $400 in personal intangible property
  • A wildcard exemption up to $10,250 that you can use towards secured debts
  • A homestead exemption can help you to keep your home 

Next steps in filing for bankruptcy

Filing for bankruptcy can be a powerful tool that can help you get your life back on track. A good attorney will provide you will a free case evaluation to assist your situation, answer all your questions about bankruptcy, advise you on what assets you will be able to keep, and help you decide which bankruptcy solution is best for you.  

Get your life back and let our law firm help you file for bankruptcy

At Rowdy G. Williams Law Firm, we are committed to ensuring that our clients are able to overcome the difficult legal obstacles that they may not be prepared to face without help. Your case is our case. 

If you are faced with bankruptcy, contact us for a free consultation, or simply give us a call at 812-232-7400. We are here to listen and provide you with the support and guidance you need. 

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Address 1117 Wabash Ave., Terre Haute, IN 47807
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