Bankruptcy often gets a bad rap in our culture, but the truth of the matter is that, for many people, it is the absolutely best option to escape the stress of insurmountable debt and to gain a fresh financial start.
Here is a list of some potential benefits to filing for bankruptcy protection:
- Puts an end to harassing phone calls and letters from debt collectors during the bankruptcy process and, for those debts that are discharged, for good! Creditors and debt collectors must stop contacting you for the duration of your bankruptcy case.
- Stops repossession of your property and may force creditors to return property that was already repossessed.
- Halts wage garnishment during the bankruptcy process.
- Puts an end to the foreclosure process and gives you a well-needed breathing space to catch up on payments. Just knowing that you won't immediately lose your home can benefit you in so many ways.
- Provides you the chance to dispute any claims from creditors that you believe or false or inflated in an effort to gain more from you than what they are owed.
- Possibly the most important benefit of all is the fact bankruptcy allows for the discharge, or forgiveness, of most, if not all, of your debts. Once you receive a bankruptcy discharge, you are no longer legally obligated to pay off those forgiven debts.
If you are seriously considering filing for bankruptcy protection, you will most likely wish to consult with a reputable and experienced bankruptcy attorney in Dallas, Texas who can help guide you through the often confusing and complicated process. Having an attorney on your side can provide you with the peace of mind that comes from knowing that you have all your bankruptcy bases covered so you won't unexpectedly be called "out" from missing a step.