Filing bankruptcy offers a solution to businesses and individuals to get rid of the financial difficulties if they cannot pay their debts. Thus, they can begin rebuilding the credits, thereby living life in a financially stable and positive way.
Though it will have an impact on the finances of the individual for several years to come, it comes with its own set of pros owing to which people prefer to file bankruptcy. There are a wide array of advantages of bankruptcy in Monterey Park, California, and surrounding areas:
Automated stay against the creditors
As you file bankruptcy, the court will release a stay against all kinds of debt collection activities against you. Though it will not cancel all the debts, it will be useful in suspending all kinds of debt collection proceedings till the bankruptcy case gets completed.
Hence, you do not need to lose your night's sleep over dreaded collection calls, letters, and emails from the debt collectors, property repossession, home mortgage foreclosures, wage garnishments, lawsuits upon the debts.
Helps in clearing a lot of debt
Another reason why a wide assortment of people prefers to declare bankruptcy is because they lend a helping hand in discharging unsecured and eligible debts, so you will be capable of managing the loans on a wide scale. So, you are going to have extra relief and time from the debt collection team to clear the utility payments, mortgage, and other debts without causing too many hurdles.
In addition, it allows you to fold the car payments into the repayment plan. Hence, you can be ensured that your property is not going into repossession. The best part is that you will get another chance to make your current payments and get rid of the debts completely.
Freedom from different debts
Through bankruptcy, you will be capable of wiping out a variety of debts, such as medical bills, credit card debts, civil judgments, personal loans, past-due utility bills, past-due rent, business debts, and certain tax debts.
Few of the debts, which cannot be erased even after filing bankruptcy, are the child support and the latest tax debts. Although it is not possible to discharge a few of the troublesome debts, it will give you the opportunity to repay the rest easily.
Gives you a new fresh start
After those dreadful calls from the debt collector, a vast assortment of clients looks for a fresh financial start. Hence, they will have the opportunity to live life without the need to worry about debt after filing bankruptcy. Hence, you do not need to worry or fear every time your phone rings, or you open the email. It also gives the option to recognize the financial affairs so that you can rebuild the credit.
In a nutshell, bankruptcy gives you peace of mind so that you can manage your finances effectively. According to bankruptcy law, the person filing bankruptcy will receive credit education. Hence, they can look back at the history and reset the credit and financial course. If you are successful in reaping benefits from bankruptcy, you will be capable of handling the finances in a more secure way than before. You can reach out to Fong Law Group in Monterey Park California and surrounding areas if you want to file bankruptcy.
Call Fong Law Group at (626) 289-8299 for a free consolidation, and talk to an attorney today. We are here to help you get through this difficult time in your life, and help you with a Fresh Start.