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Advantages of Bankruptcy

Indianapolis Bankruptcy Lawyer Discusses the Benefits

As you face excessive debt and seek a solution to this issue, you are likely wondering what advantages bankruptcy can have on your future. Although there are many types of bankruptcies, most consumers file under Chapter 7 or Chapter 13. Many individuals must file for Chapter 13 because they do not qualify for Chapter 7 under the means test, but there are advantages to both chapters depending on your circumstances. Read below to find out the many advantages of bankruptcy!

Eliminate Debt

Filing for bankruptcy does not have to be the dreaded solution to debt that many people consider it to be. In a Chapter 7 bankruptcy, debt is immediately eliminated. Chapter 13 bankruptcy debt elimination takes place through an affordable payment plan aimed at the repayment of creditors.

Bankruptcy can often discharge most credit card, medical bill, and unsecured debt. Homeowners who owe more on the first mortgage of their home might be able to even drop the second mortgage lien from a property's title. In some cases, clients can also use the bankruptcy process to discharge other forms of debt. Consult an attorney to learn what you are potentially eligible to discharge.

Reduce Stress

Along with the elimination of debt, you can remove the burden of stress. Bankruptcy is a debt solution that assists debtors in getting back on a healthy financial track. Many individuals file bankruptcy to eliminate debt from car loans or to refinance their mortgages. Although the bankruptcy course may seem stressful, the result is relief from the debt that is being discharged. Stress is often associated with constant harassing contact from creditors.

Filing for bankruptcy will allow our clients the protection from abusive debt collection actions because creditors are not allowed to engage in such practices once the bankruptcy process is initiated.

Gain an Opportunity for a Healthy Financial Future

Bankruptcy also offers our clients the skills to plan for a healthy financial future. This form of debt relief and financial planning helps our clients focus on the management of their new credit and spending obligations. This freedom comes from having eliminated the burden of most, if not all, previous debt.

Their credit score will eventually improve, giving them the opportunity to move on from their debt problems and gain a financial clean slate. You can effectively rebuild your credit after bankruptcy has concluded by acting responsibly with borrowed money.

End Foreclosure and Wage Garnishment

Two important benefits of bankruptcy are that debtors can save their home from foreclosure and stop wage garnishment. Many individuals fall behind on mortgage payments because of difficult financial circumstances, but they can protect themselves and their property by making payments in a Chapter 13 bankruptcy.

Families who have their wages garnished may lose the ability to support themselves financially, but bankruptcy can help. Different options are available to stop wage garnishment with the creditor, and our firm can discuss these options with the client.

File for Bankruptcy in Indiana

At Jackson & Oglesby Law LLC, we know that financial problems can be very stressful and create negative results in many areas of your life. Relationships with your loved ones can be strained and your future may seem desperate. You should bankruptcy as a solution in order to prevent sliding further into financial hardship. It is the light at the end of the tunnel that many people need.

We can help you eliminate your present debt, but you must take the first step by calling our firm. To improve your financial condition, you should know what your options include. For that purpose, we offer a free bankruptcy evaluation that can help you know how bankruptcy can personally benefit you. Contact us today as you take steps to eliminate your debt. We can help you rebuild your future, so do not hesitate to take action!

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