The Pros of Filing Your Bankruptcy Petition
Many people are afraid of filing for bankruptcy, because this step has a serious impact on their future life. If you have huge financial issues, you have to consider the same solution. Don’t hesitate to file your bankruptcy petition, as you will have a number of legal, emotional, and financial benefits. However, this step should be taken only after consulting with the best bankruptcy lawyer Tucson Arizona and considering other available options. The best thing is that you will regain control over your life. Take into consideration the following advantages:
- Improving and controlling your finances. Filing for bankruptcy will help you get this control back. Don’t forget that you will be provided with a great opportunity to get a fresh financial start. When having huge unpaid debts, it is hard to move towards achieving your life goals.
- Stopping the annoying calls of your creditors. They are not allowed to contact you and take their debt collections steps as soon as you file your bankruptcy petition. The same can be said for all debt collection agencies and their legal representatives.
- Freezing your interest rates. Once you file for bankruptcy, the interest charges of your unpaid loans, credit cards bills, and other debts will stop accumulating.
- Halting the lawsuits of your creditors. It is another positive effect of bankruptcy. Credit companies are not allowed to file their claims and take other legal actions.
- Getting rid of your debt obligations. The good news is that bankruptcy helps you eliminate unpaid debts. That’s because they get discharged. You need to contact your trustee to find out more about possible exceptions, such as taxes, spousal support, child alimony, and so on. Such debts must be paid even after filing for bankruptcy.
- Your wages won’t be garnished any longer. If your employer has the court order requiring taking money from your monthly wages to pay credit companies, they won’t be allowed to do it after filing a bankruptcy petition.
- Protecting your valuable assets. Most of them can be saved from selling and seizing by your creditors.
- Taking advantage of a cost efficient debt solution. There are many other options to choose from, but bankruptcy filing is associated with lower costs and losses. For instance, some debtors decide on payday loans, while others prefer to consolidate their debts. They all have to pay quite high interest rates. You can avoid them and other pitfalls when filing for bankruptcy.