CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

The Upside of Bankruptcy

Bankruptcy isn’t something to which people look forward or want to happen in their lives, but sometimes they are left with no other choice because of a desperate financial situation. Most people consider bankruptcy a bad thing and something to avoid. At best, it is viewed as a necessary evil.

Ideally, we could live in a world without any financial challenges, but that is not the case. The good news is there are benefits to bankruptcy and understanding the positive side of things can help you make smarter decisions about repairing your finances.

The upside of bankruptcy includes:

Stopping Creditor Contact

When you file for bankruptcy, a legal term known as an automatic stay is created. This means creditors are no longer allowed to demand payment from you. The endless calls and contact from those to whom you owe money stop as soon as you file for bankruptcy.

Ending Wage Garnishment

If you are deep into a strenuous financial situation, you might be facing the possibility of wage garnishment or already be in a situation where a portion of your salary is taken to pay your creditors. Bankruptcy puts an end to this. Chapter 7 bankruptcy helps you end the embarrassment and inconvenience of wage garnishment.

Stopping Foreclosure Efforts

If your financial situation includes a problem with your home mortgage, filing for bankruptcy will put an end to foreclosure efforts. You are given time to catch up on your payments and might even be eligible for a loan modification or refinancing of your loan. If keeping your home is not a priority or is not possible, a short sale might be an option. Bankruptcy can be especially helpful for those who are “underwater” on their mortgage, which means they owe more to the lender than their home is worth.

Eliminating Debt

Perhaps the most important upside of bankruptcy is its ability to eliminate some – or all – of your debt. When you file for bankruptcy, you might have the option of releasing your obligation of repayment of certain debts. This does not apply in most cases to child support, student loan payments, and taxes or other government debts, but it does apply to a great deal of consumer debt.

You will be able to move forward with your life without concern for money you are unable to repay to creditors. Discharge of debt is one of the greatest reliefs provided by bankruptcy and is the reason many people ultimately choose to file.

For more information about the types of debt that can be discharged in a bankruptcy see the USCOURTS.GOV Bankruptcy Guide.

If you are considering bankruptcy, but you have concerns about the stigma attached to it or you aren’t sure if you have enough valid reasons for filing, we can help. We’ll evaluate your situation and help you determine if bankruptcy really is your best option. For more information or to schedule a consultation, contact the Law Offices of Robert M. Geller at 813.254.5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Does Getting Married Affect Bankruptcy?

If you are considering bankruptcy, you may be wondering how getting married affects your ability to file. The answer is...
Read More

How Does Filing for Bankruptcy Affect a Vehicle Loan?

If you're considering bankruptcy, you may be wondering if you'll be able to keep your car. The answer depends on...
Read More

8 Ways to Deal with Student Loan Debt

If you're one of the millions of Americans saddled with student loan debt, you're probably looking for ways to minimize...
Read More

Tips for Handling Credit Card Debt

If you're struggling with credit card debt, you're not alone. The average American household owes nearly $6000 in credit card...
Read More

Don’t Fall for These Common Bankruptcy Myths

There are a lot of misconceptions out there about bankruptcy. Working with a debt defense attorney is one of the...
Read More

Can Filing for Bankruptcy Affect My Career?

It’s common for people considering bankruptcy to wonder how filing affects their job. The answer to this question depends on...
Read More

Can I Fix My Credit After Bankruptcy?

Wondering how to improve credit after bankruptcy? Here's what you need to know. Bankruptcy can be a fresh start for...
Read More

What Happens If I Can’t Afford Chapter 13 Bankruptcy?

Are you wondering what happens if I can’t afford my chapter 13 payments? Here's what you need to know when...
Read More

Help I Regret Filing for Chapter 7 Bankruptcy

Bankruptcy isn't the right choice for everyone. Depending on your unique financial situation, you may be able to find other...
Read More

How a Bankruptcy Attorney Helps You Avoid Problems When Filing

Do you know what mistakes to avoid when filing for bankruptcy? If you're considering filing for bankruptcy, it's important to...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions