The Benefits of Bankruptcy

How can bankruptcy help me?

Many people hear only the drawbacks of bankruptcy and are told various myths that scare them and keep them from filing. When in fact, filing for bankruptcy isn't this dreaded remedy that most believe it to be. There are many benefits to bankruptcy and it may just be what you need to swiftly escape this time of financial crisis.

You will be able to Manage Your Bills

Bankruptcy is a viable options when your bills and payments are just too high and too much to handle. With Chapter 13 you can eliminate some of your old debt whether it was credit card debt, medical bills or unsecured debt on your loans. Then you can also come up with a more affordable repayment plan with the help of your attorney so you are only paying creditors a manageable amount every month.

You can put an end to Creditor Harassment

Do you phone calls at 8am or late in the evening and you pick up only to find that it is a creditor looking for money? There are certain rules and limitations that creditors must follow, and many times they violate these requirements and compromise your legal rights in the process. With bankruptcy you may be able to put an end to the scrutiny of creditor abuse because once you file they are not allowed to contact you or try to collect any more money. You can finally experience your personal space one again and your phone can be free of their pestering calls.

You can Build up Your Credit Score

The factor that has the most traumatic influence on your credit score is being delinquent or late on your payments. Most people who are considering filing for bankruptcy already have a poor credit score to begin with. Bankruptcy won't improve your credit right away but you because you eliminated some of the bills that you could not pay and arranged for a more affordable payment plan you will be able to increase your score much quicker by making timely payments and slowly building up your credit.

You will Finally get a Fresh Start

After a bankruptcy most if not all your debt may be discharged leaving you with a clean slate to start anew. Although the bankruptcy will be on your credit history report for the next 10 years, many companies will give you credit within that time period. Now you will be able to experience financial freedom and start a new credit card or take out a new loan and prove to the creditors that you can manage your finances and be a responsible debtor. This is a refreshing change for those of you who have been bogged down with debt for as long as you can remember. Now you can pay your bills, track your expenses and manage your finances without outstanding debt holding you back.

Bring Peace Back into your Home

Financial hardships really put a strain on every member of your family, everyone feels it in different ways. Many relationships suffer because of financial disputes and are finding themselves constantly arguing about their finances. Now you and your spouse will be able to focus on something other than rent and the next credit card bill. Bankruptcy may be able to help you finally stop worrying about money and how you will make ends meet. You will also be able to have more self-confidence and get your dignity back. Many people get so down on themselves because they feel like a financial failure, when in reality millions of Americans struggle with debt as well and you are not alone in this fight. If you would like to experience some of the benefits of bankruptcy first hand and experience financial freedom, then call Price Law Group today!