' Benefits of Bankruptcy - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

The Upside of Bankruptcy

Benefits 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, taxes, or other government debts. 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.

Are considering bankruptcy, but have concerns about the stigma attached to it? Are you not 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 Long Should I Keep My Bankruptcy Discharge Papers?

If you've successfully navigated the bankruptcy process and received your discharge papers, congratulations are in order. It's a significant milestone...
Read More

Can I Lose My House If I File for Bankruptcy

The potential loss of your house when filing for bankruptcy depends on various factors. These include the type of bankruptcy...
Read More

What Can You Write Off in Bankruptcy?

Many people filing for bankruptcy aren’t sure what debts can be discharged, or "written off," through bankruptcy. It’s important to...
Read More

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
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