Because of the popularity of filing bankruptcy these days, it has been a common topic with the mainstream media. Countries are bankrupt, corporations are filing bankruptcy and due to the high rate of unemployment coupled along with high foreclosure rates, the numbers of those filing personal bankruptcy have rocketed through the roof. One way to look at it, filing bankruptcy is just good financial planning for your future. If you use a bankruptcy filing strategically, you can maximize all of its power and resolve most if not all of your debt and financial issues. Remember, bankruptcy is not a cure-all for every financial problem and that's why it's best to use a bankruptcy attorney that is familiar with your financial situation.
When filing, it's important for an individual to get together with their bankruptcy attorney and do serious planning. Individuals should set financial goals for themselves so they can avoid any of their same mistakes in the future. Depending on your situation, bankruptcy is not necessarily a cure-all, but it shouldn't be that terrifying remedy that people are scared of. There are tons of benefits to filing bankruptcy, some of them are expected and then there are the benefits that were totally unforeseen.
The biggest reason that forces people over the edge into bankruptcy is the harassment from their creditors. Once an individual files for bankruptcy the automatic stay goes into place, stopping the creditors from bothering you. In fact, they can't even call, mail or even e-mail the debtor without violating the automatic stay. The old expression, "silence is golden" comes back into the debtor's life as the phone stops ringing.
Another obvious benefit is the fresh start that Congress intended when bankruptcy was created. After filing for bankruptcy in individual will be able to get on top of the secured debts from property they want to keep after the bankruptcy filing. No longer are they robbing Peter to pay Paul, living paycheck to paycheck.
The third expected benefit comes with a Chapter 7 bankruptcy. Filing Chapter 7 bankruptcy completely eliminates all unsecured debts. This list includes credit cards, medical bills, and personal loans. So basically all of these debts are discharged by the court and the debtor is no longer responsible for them. When a family has a large amount of credit card debt they can be crippling to their budget. Chapter 7 bankruptcy can get the family back on track.
There are some other extra unforeseen benefits that most people filing bankruptcy don't even think about. An individual will get their self-esteem back. The stress of being buried under a pile of bills, not knowing where to get the money to pay them can be overwhelming. This stress can be outright psychologically destructive to a person's self-esteem. Once the bankruptcy is filed a person will feel elated having the weight of the world lifted off their shoulders.
Another unforeseen plus of bankruptcy filing is getting your life back. Many people destroy their family life from all the fighting and blame game from financial problems. This is the cause of many divorces. After filing bankruptcy many marriages can still be saved as long as it's not too far gone already. When it comes to financial problems its best for people to be proactive and move quickly on making a decision to fix them. If you're suffering from severe financial troubles consult a bankruptcy attorney immediately to see if there is any value there for you and your family.
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