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Bankruptcy offers more than debt relief

The most well-known attribute of bankruptcy is that it can completely discharge some or all of your debts, allowing you to gain a fresh financial start. This is perhaps the most common reason that people file for bankruptcy, but in addition to providing debt relief, a bankruptcy filing can also provide other forms of relief and protections. Depending on your filing, your life could go from painfully stressful to peacefully blissful.

When you file for bankruptcy, an automatic stay is put into place that essentially stops all collections and attempted collections from creditors. Not only does this immediately prevent you from having to pay certain debts, but it also frees you from any kind of harassment or pestering that creditors may attempt to force upon you in an effort to make you pay your debts. It can even stop foreclosure on your house.

Despite all of the benefits of bankruptcy, many still refrain from taking advantage, often because they fear the consequences. Many people believe that if they file for bankruptcy, they will be forfeiting some or all of their assets, and while this may be true in certain circumstances for Chapter 7 bankruptcy filings, it is never true for Chapter 13 filings.

If you have a steady income that would allow you to pay off your debts over the next few years, you do not have to have any concern about your assets being sold to pay for your debts. Instead, you could file for Chapter 13 bankruptcy, which allows filers to come up with a debt repayment plan. If you live in Texas, and you are struggling with debt, please visit our webpage to learn how you could start your journey to debt freedom.

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