Benefits of Bankruptcy
Would bankruptcy help you?
Individuals and married couples from all walks of life can experience financial problems, no one is immune. When the burdens of debt begin to impact your everyday life, your happiness, and your sanity, it may be high time to consider bankruptcy as a viable debt relief option.
At Bryan Diaz Law, P.C., we understand the psychology of debt, and as analytical attorneys, sometimes filing for bankruptcy just makes sense. With nearly 15 years of experience helping individuals and families find much-needed debt relief, we would be glad to help you too. Let us show you that no matter how dire your circumstances are, there is light at the end of the tunnel.
Six Good Reasons to Consider Bankruptcy
Benefit # 1: Debtors enjoy immediate relief once the bankruptcy is filed thanks to the “automatic stay” that goes into place. The automatic stay is a court order that stops all forms of debt collection activity, and this includes letters, lawsuits, wage garnishments, and phone calls.
Benefit # 2: If your home is in foreclosure, a Chapter 13 allows you to keep your home.
Benefit # 3: With a Chapter 7, debtors get to discharge, erase, or otherwise “wipe out” certain unsecured debt, and this includes: medical debt, credit card debt, certain taxes, and personal loans.
Benefit # 4: Due to the bankruptcy exemptions, certain property is protected and won’t be lost to the bankruptcy process. For example, in many Chapter 7 “no-asset cases,” the debtors don’t lose anything.
Benefit # 5: For debtors with a decent monthly income, if their income does not qualify them for a Chapter 7, they can usually qualify for a Chapter 13 instead. With a Chapter 13, the debtor pays off a portion or all of their debt over a 3 to 5-year period, all in affordable monthly payments.
Benefit # 6: Contrary to popular belief, it is entirely possible to rebuild one’s fico score to the 700s within two to three years of a bankruptcy discharge, providing the debtor lives within their means, pays their bills on time, and follows a few simple credit rebuilding tips.
Contact a Sacramento bankruptcy lawyer today!
The above is just a short list of reasons to consider bankruptcy. For an expanded list of reasons to consider filing for bankruptcy, and to learn more about your debt relief options, we encourage you to contact a Sacramento bankruptcy attorney from our firm.
While our lead attorney was a former “big firm” attorney, he wanted to offer the big firm results, but with the personalized attention and lower costs of a smaller firm, which is exactly what we deliver. Your case and your financial future are important to us, and we want to help. Call today to get started!