Living in the shadows of mounting debts can destroy your life, impacting everything from your mental health to your personal relationships. If you're constantly struggling just to keep your head above water, filing for bankruptcy may be the best way to reclaim your financial standing. Unfortunately, many debtors hesitate to do so, unsure of how bankruptcy can help or why they should consider it.

Below are a few reasons why filing for bankruptcy may be the best option for your financial situation.

3 Reasons Filing for Bankruptcy Is the Right Choice for You

1. Eliminate Your Debts

Bankruptcy law allows for most types of unsecured debts to be completely discharged. This includes credit cards and store accounts, as well as medical debts, lawsuit judgments, and even some back taxes. Even if you're filing a Chapter 13, which allows you to catch up on secured accounts like car loans and mortgages, you may be able to eliminate your unsecured debts.

2. Stop Creditor Harassment

One of the lesser-known advantages of filing for bankruptcy is the automatic stay, which puts an immediate stop to all collection efforts by your creditors. Not only will they finally stop calling and sending threatening letters, but they'll also have to cease garnishing your wages, attempting to repossess your property, and pursuing lawsuits against you.

3. Get a Fresh Start

Many borrowers assume that filing for bankruptcy will ruin their credit forever, but nothing could be further from the truth. In fact, late payments and delinquent accounts can be much more damaging to your credit history than a single bankruptcy—you'll be surprised at how quickly you can begin rebuilding your score.

Frances H. Hollinger Attorney at Law serving Mobile, AL and Foley, AL, focuses almost exclusively on bankruptcy law, giving residents the expertise they need to find the perfect debt relief options for their situation. For more information about their services, visit their website, or call (251) 943-9030 to schedule a consultation with an attorney today.