Bankruptcy is often a dread-inducing concept for most people. However, filing for bankruptcy can be a good method for overcoming debt, depending on the circumstances. If you’re looking for quality advice regarding financial issues in London, KY, Bruce Bentley Attorney At Law offers more than 17 years of experience in a range of legal issues; this includes knowledge of the bankruptcy process and the different ways it can help free you of debt.

How Filing for Bankruptcy Can Help You Get Out of Debt

Removes Delinquent Debt Accounts

When debts go unpaid, your credit score is bound to take quite a beating. While filing for bankruptcy can adversely affect your credit score, it can also be beneficial for removing delinquent debt accounts, which will only serve to diminish your credit score even further.

Offers a Fresh Financial Slate

Once your delinquent debt accounts are purged, you can begin rebuilding your credit. A fresh financial start is extremely important for rebuilding your life, especially if you’ve been previously plagued by creditors seeking remuneration for outstanding debt.

Helps Retain Your Property

Bankruptcy can even help you retain your property. If you face the risk of foreclosure, bankruptcy triggers what’s known as an automatic stay, which stops proceedings until the process is considered final. Additionally, filing for Chapter 13 can be even more effective at saving your property, as you can create a repayment plan, as opposed to offering the property for collateral.

Whether you require assistance with a personal injury claim, need help getting back on the right financial track, or have estate-planning questions, Bruce Bentley Attorney At Law is poised and ready to help you. Get answers to your most pressing legal questions by using the convenient online contact form, or call (608) 877-0088 today to schedule a consultation with a skilled Kentucky lawyer.