For many consumers, bankruptcy offers a viable way out of debt. Unfortunately, though, the process is often misunderstood and unfairly maligned. Bankruptcy is not a "get out of jail free" card, nor is it an option that should be undertaken without serious thought and consideration; it is a solution to unmanageable debt that can restore a filer's financial solvency and set them on a sturdier fiscal footing. Below are just a few reasons why bankruptcy might be the right choice for you.

Elimination of Debt

Chapter 7 bankruptcy eliminates many types of unsecured debt, such as credit card balances, medical bills, overdue rent, and past-due utility charges. There are exceptions, though; student loans, late child support payments, and many types of taxes are not dischargeable in bankruptcy.

A Stay on Foreclosures

A bankruptcy filing issues an automatic temporary stay on any foreclosure action against you. Though temporary, this stay can give you valuable time to work with your attorney and come up with a plan that best meets your needs. You may be able to identify options to reorganize your debt in a way that allows you to keep your property, or you may find that getting rid of your property is in your best interests.

A Stop to Collection Action

Also automatic with a bankruptcy filing is an end to all collection actions against you. For those harassed by debt collectors' calls and letters, for those feeling the brunt of wage garnishments, or those facing the threat of lawsuits, this measure is more than welcome. Once these inconveniences stop, you can more clearly see your path to a debt-free life.

Michael D. Doyle, Attorney at Law, is a bankruptcy attorney who has been serving clients throughout the Elyria, OH, area for over 25 years. To schedule a consultation, call (440) 323-0001 or visit his website. You can also follow his firm on Facebook and Twitter to stay up-to-date on relevant news and information. Find out today if bankruptcy is the right choice for you and your financial future.