Bankruptcy is a powerful tool that can literally change your life, depending on your circumstances. Though there are many negative myths surrounding bankruptcy, filing for this legal debt relief is a smart choice that can mean the start of great things, not the last resort of a failure who is looking at rock bottom.
There are many, many ways that bankruptcy may be able to help you. Here are four of the top benefits of filing for a Gilbert bankruptcy that are likely to have the most impact:
Get Creditors to Leave You Alone
Creditors will start calling you the day after your payment is late. If you have multiple accounts that are late, you may be getting a lot of calls. If you have accounts that are both late and seriously delinquent, you are probably getting calls at all hours of the day, every day. You may have stopped answering the phone, for fear that you may have to talk to another creditor threatening to take action against you.
When you file for bankruptcy in Gilbert, the court issues an automatic stay, which prevents creditors from contacting you about your debts. Your creditors will no longer be able to garnish your wages or take other action to collect on your debt. You will finally be able to breathe a sigh of relief, knowing that you can get through your day without being harassed by creditors.
Protect Your Assets
As your debts continue to pile up, you may worry that your house is in danger. You may think that you will soon have no choice but to sell your home to take care of your debts. Or you may fear that your creditors will eventually seize your home to repay your debts.
Many people fear that filing for bankruptcy in Gilbert will mean that they lose their homes. However, filing for bankruptcy can actually allow you to keep your home. Bankruptcy allows exemptions for certain personal assets. So long as you do not own your home outright or have too much equity built up in it, you will be allowed to keep your home. You will not be forced to sell it to satisfy your debts. The same is true for your car and for other assets you might have.
Stop Foreclosure Proceedings
At some point, you may not be able to pay even for your monthly mortgage. You may have tried working out a plan with the mortgage company, but you may not have been able to satisfy what they want. Now, foreclosure proceedings are upon you.
Filing for bankruptcy will put an immediate stop to foreclosure proceedings. If you are filing for Chapter 13 bankruptcy, you will be able to create a plan for catching up what you owe with the mortgage company so you can keep your house. Filing for Chapter 7 bankruptcy will allow you to relinquish the home to the bank, thus canceling any remaining debt.
Give You a Fresh Start
The biggest benefit that a Gilbert bankruptcy filing can offer is a fresh start. If you file for Chapter 7 bankruptcy, you can get a clean slate with your unsecured debt. You can be completely free of credit card debt, medical bills, and other debts. You can free up hundreds or thousands of dollars per month and live without the stress of burdensome debt. If you file for Chapter 13 bankruptcy, you can finally get your debt into a manageable payment plan so that you can start gaining control of your finances.
Filing for a Gilbert bankruptcy can benefit you in so many ways. Only meeting with an experienced Gilbert bankruptcy lawyer can help you understand all the ways that bankruptcy can benefit you, specifically. Your bankruptcy attorney will review your finances and help you understand what’s possible with bankruptcy.
Gilbert Bankruptcy Lawyers are ready to help you learn about all that bankruptcy can do for you. We help individuals who are interested in Chapter 7 or Chapter 13 bankruptcy, as well as businesses who are interested in filing for bankruptcy. Our attorneys will review your case to help you decide on the right path for the maximum benefits. Call our Gilbert office today to schedule a time to talk with one of our experienced and friendly bankruptcy attorneys. Give you a fresh start.
Gilbert Bankruptcy Lawyers