4 Reasons To Consider Filing For Bankruptcy

8 September 2015
 Categories: Law, Blog


If you're going through some hard times with your finances, you may be finding it extremely difficult to pay off your past debts while also keeping up with your everyday financial needs. In some cases, people choose to file for bankruptcy in order to get a fresh start. This may be an option to consider, depending on your situation. Take a look at the following information to better understand the reasons as to why you may want to consider filing for bankruptcy.

Stop Unwanted Calls

It can be devastating having to put up with constant calls from creditors. When you're busy answering creditor calls during your private time at home, it can be frustrating and embarrassing. When you file for bankruptcy, an automatic stay is put into place, making it illegal for creditors to continue to call. This can give you a little added peace as you officially start the process.

It Can Be Done Quickly

If you're currently struggling each day to pay your bills, it may seem like it will take forever to get past your difficult situation. If you want to get ahead so that you can live the rest of your life, you may want to consider bankruptcy, which may be able to be completed in just a few months. If you're looking for a timeline based on your own situation, consult with an attorney. Bankruptcy may be quicker than sitting back and worrying about your financial troubles for years.

Have Some Credits Eliminated

If you have so much debt, it may feel as if it's impossible to get ahead. With the bankruptcy process, you may be able to eliminate some debts. This may include unsecured debts, such as credit card debts. This can help to clear your slate so that you have the fresh start that you're after.

Learn How to Repay Debts

Depending on what type of bankruptcy that you file for, you may be required to create a repayment plan to show how you will pay back some of your debts. This can be a great educational tool to help you learn how to budget the money that you do have to make it stretch out for past debt payments and current bills.

While it's no easy choice to decide if bankruptcy is the right pick for you, it may be an option to consider if your debt is quickly piling up. If you have any questions about the process of bankruptcy or if you'd like to schedule a consultation, contact a local bankruptcy attorney today to learn more or visit websites like http://timgeorgelaw.com