Declaring bankruptcy is a viable solution for those with an overwhelming amount of debt. Although filing bankruptcy can have some negative consequences, the advantages often far outweigh them. The process offers people the chance to gain financial freedom and a fresh start. However, it’s crucial to consult with an experienced attorney before determining if this is the right solution for you. A legal professional from Anderson Law Firm will advise you on what to expect and determine if bankruptcy will allow you to reach your financial goals. Over the last 20 years, they have guided a number of High Point, NC, residents through the process. Below, they share some of the top reasons to think about petitioning for bankruptcy.

Local Attorney Goes Over 3 Benefits of Declaring Bankruptcy

1. Prevent Creditor Harassment & Collection

Receiving incessant phone calls and letters from creditors can be stressful and embarrassing. One of the most immediate benefits of bankruptcy is that creditors will be forced to cease all communication with you as soon as you file or hire a bankruptcy attorney. In addition, an automatic stay will go into effect, which prevents creditors from attempting to collect on the debts you owe through wage garnishment or any other means.

2. Enjoy Debt Relief

The biggest advantage of filing bankruptcy is the ability to regain your financial footing. If you file for Chapter 7 bankruptcy, you can discharge all of your unsecured debts. If you file for Chapter 13 bankruptcy, you will only have to pay your debts through an affordable repayment plan for a certain period before you are absolved of the responsibility.

3. Start Rebuilding Your Credit

If you are struggling to make payments on your outstanding debt, your credit score may have already decreased significantly. Filing bankruptcy will give you the opportunity to start rebuilding your credit from scratch. Once your case has closed, you can begin improving your credit score by opening new credit cards, paying off the balances, and continuing to pay your bills on time.

When facing serious financial difficulties, bankruptcy may be the most viable solution to becoming debt-free. If you decide to file for bankruptcy, an attorney at Anderson Law Firm will make sure you follow the proper procedures to protect your property and get rid of as much debt as possible. Contact them at (336) 431-7336, or visit their website for more information.

The information contained in this site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved.  We are a Debt Relief Agency. We help people file for Bankruptcy Relief under the Bankruptcy Code.