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Why bankruptcy might benefit you

On Behalf of | Apr 9, 2023 | Bankruptcy And Debt Relief

When you’re struggling with finances, you may feel isolated. You may also feel guilty because you are unable to honor agreements. These are normal feelings under the circumstances, but you are not alone and there is no need for guilt. Millions of Americans are currently struggling financially because of factors that are out of their control.

You may have heard about bankruptcy but not be aware specifically of how it works. While filing for bankruptcy is not a decision to be made lightly, it could benefit you in the following ways.

A chance to start fresh

Bankruptcy gives you the opportunity to tackle your debts head on. Depending on the type of bankruptcy you file, some of your debts may be written off or a suitable payment plan may be drafted. Either way, you get some breathing space and a chance to rebuild your credit and savings.

An end to dealing with debt collectors

Being called numerous times per week and receiving reminders via email and text can be very stressful. It seems like not a day goes by where you are not being harassed by debt collectors. After filing for bankruptcy, debt collectors are typically no longer permitted to approach you for the amounts that have been included in the process.

Bankruptcy isn’t a solution to everything, and it certainly isn’t easy. It needs to suit your specific circumstances to benefit you. One thing that definitely won’t help is to not address the debts. They will only continue to get further out of control if this happens. By seeking legal guidance, you’ll be able to find out if bankruptcy is a viable option for you.