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3 ways filing for bankruptcy can help your financial situation

On Behalf of | Aug 24, 2023 | Bankruptcy |

The U.S. Courts reported the number of bankruptcies filed increased by 10% from the second quarter of 2022 to the second quarter of 2023.

While bankruptcy may not be the answer in every situation, it can be incredibly advantageous for some people. When facing overwhelming financial challenges, bankruptcy could provide a fresh financial start. It does so in three ways.

1. Discharging debts

Bankruptcy offers the possibility of discharging certain debts, meaning you are no longer legally obligated to repay them. This process alleviates the burden of unmanageable debts and lets you start with a clean slate. Common debts you may discharge include credit card debt, medical bills and personal loans. By eliminating these debts, you can experience immediate relief and reduced financial strain.

2. Imposing the automatic stay

When you file for bankruptcy, an automatic stay comes into effect that halts all collection activities, including creditor calls, wage garnishments and lawsuits. The automatic stay provides a breathing space, allowing you to focus on fixing your financial situation without the constant pressure of debt collectors. This protection remains in place throughout the bankruptcy process, granting you peace of mind as you work towards a more stable financial future.

3. Offering a structured repayment plan

If you file Chapter 11, you will create a repayment plan that spans three to five years. It allows you to make manageable monthly payments to your creditors based on your income and expenses. Once you complete the plan, the court will discharge any remaining eligible debts. During the plan, you will not have to worry about further collection efforts.

It is important to note that bankruptcy is a serious decision that you should carefully consider. For some individuals, it can provide a lifeline to regain financial stability and pave the way for a brighter financial future.


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