Benefits Of Bankruptcy
Should You Declare Bankruptcy?
Bankruptcy offers substantial benefits to those who need it. Increasing numbers of people in Indiana are finding themselves struggling under the burden of debts for expensive home mortgages and high interest rate credit cards, and bankruptcy has become an attractive course of action for bringing the situation under control. The Federal government provides you with a legal right to declare Chapter 7 or Chapter 13 bankruptcy, provided that you can qualify by passing a means test and carrying out each step of the process of bankruptcy according to the rules. If you are carrying more debt than you can handle, you and your family may be forced to live with the various problems and worries that pursue those in financial difficulty, such as coping with a limited budget to cover the high cost of living and spending your days and nights worrying about how you will pay your monthly bills.
How Bankruptcy Can Be Beneficial
For many people, bankruptcy can be a frightening prospect. It can feel as if you are declaring yourself a failure and giving up. It, however, is important that you do not fall into this way of thinking. The truth is that bankruptcy is a smart fiscal tool that can be used to completely overhaul your finances and put yourself into the path toward a brighter future. By working with a knowledgeable attorney, you can begin the process of filing and eliminating the stress of debt. Rowdy Williams Law Firm recognizes that it is frightening to deal with the possibility of filing for bankruptcy, but they also want you to know that there are numerous benefits that come with filing. Some of the numerous benefits of filing for bankruptcy include the following:
Many of your debts will be discharged. One of the great things that can come from filing for bankruptcy is that your unsecured debts will be discharged. This can be debts from credit cards, legal bills, health club memberships and even cell phone bills. While this will not take care of all of your financial difficulties, it will put a significant dent in what you owe.
You can eliminate many of your bills. Getting the chance to eliminate your bills can alleviate a lot of the stress that accompany debt. By entering into a bankruptcy, you will either be given the chance to discharge your debt or establish a repayment plan that will span three to five years. Either way, you will be able to rid yourself of those pesky bills that keep dragging your finances down.
You will be able to protect your property from creditors. When dealing with creditors, you are at risk of them seizing your property and assets to help pay off the debts that you are owed. It may even be used to help you protect your home against the possibility of foreclosure. While there are some properties that may be used during liquidation, it is much more protected under bankruptcy than being seized by unsecured debtors.
You will not have to deal with creditors anymore. Having to struggle with creditor abuse is emotionally and psychologically stressful. If you are dealing with constant phone calls, abusive language or having them show up to your home and work, by filing for bankruptcy, you may be able to experience some relief. This is done through the automatic stay, which will cease all of their abilities to call, contact you or otherwise attempt to collect. You will therefore get significant relief and quiet as you get your finances under control once more.
Bankruptcy Attorney in Terre Haute, Indiana
Declaring bankruptcy can put an end to a majority of your troubles with debt, and a Terre Haute bankruptcy attorney at Rowdy Williams Law Firm will work diligently to see that you can enjoy the benefits available to you under law. There are countless myths about bankruptcy that prevent people in need from taking action to relieve their debt load, but after your consultation with a Terre Haute bankruptcy attorney, you will know whether or not this is the right strategy for your situation. If you decide to file for bankruptcy, a Terre Haute bankruptcy attorney with the firm will work with you directly. To learn more about how bankruptcy can benefit you, do not hesitate to contact a bankruptcy attorney in Terre Haute today.