When a person files for bankruptcy it is usually because of being unable to handle an overwhelming amount of debt. Although most individuals find it hard to confront having to file, there are many benefits to handling your debt in this manner. Whether you file a Chapter 7 or a Chapter 13, there are specific benefits to each. One immediate benefit for either type of filing is that your creditors are required to stop contacting you at once, upon being notified of your filing. All legal actions, repossessions, foreclosure proceedings, holds on your bank accounts or wage garnishments must stop as the bankruptcy process goes through. That means relief for you – from the stress and worry you have been living through. Along with the advice of a caring and dedicated bankruptcy attorney, you can then take the needed time to evaluate your personal financial situation and decide what your best legal options may be.
Other benefits to you of filing for bankruptcy include a discharge of most all of your debt in a Chapter 7 filing and a sane and affordable restructuring of your debt with a Chapter 13. Both will allow you to get back in control of your finances and look forward to the future. In addition, a Chapter 13 allows you to keep your assets while repaying your debt.
Although your credit will be temporarily affected by the bankruptcy, you can begin to rebuild your credit standing using some of the tools you’ve gained from the mandatory credit counseling you are required to receive. Our office can also assist you with advice along this line. Irons Law Firm has over 40 years of combined experience in bankruptcy law and will work hard to negotiate the most effective terms for your filing. We provide personal attention to all of our clients and will keep you informed every step of the way.