What Are the Benefits of Filing for Bankruptcy?
If you are struggling against debt and need relief, one of your options is filing for bankruptcy. Below are some of the reasons why people choose to file for bankruptcy.
- Filing for bankruptcy triggers an automatic stay, which means that by law, creditors must stop pursuing payment for your debts.
- It may delay or allow you to avoid foreclosure or repossession of your vehicle.
- Your stress will be reduced because a trustee will be assigned to your case. You will no longer need to deal with numerous creditors -- the trustee will handle all of the communication for you.
- When bankruptcy is complete, your debts will be discharged and you will no longer need to repay some or all of your debts.
- Depending on your situation, you may be able to keep some of your assets.
You’ll get a fresh start and rebuilding your credit can begin after
your debts are discharged.