Filing Bankruptcy Can Be An Investment In Your Future
"Frequently, the reasons why people are filing for bankruptcy today have little to do with financial irresponsibility and more to do with the nation's poor economic climate. High unemployment has engulfed the nation, medical costs and insurance premiums continue to rise, fuel prices are skyrocketing, and food prices are consistently increasing. This is a disaster waiting to happen for many struggling families. A severe illness or accident, divorce, or sudden loss of employment can be financially devastating to a family. When one's income is reduced or eliminated, it becomes nearly impossible to pay the mortgage and monthly expenses. In such instances, the individual was not irresponsible with their finances, but rather encountered unforeseen financial difficulties. This is where bankruptcy enters into play.The purpose of bankruptcy was to provide a legal means for honest individuals to eliminate overwhelming debt and start over financially. In reality, the majority of individuals who file for bankruptcy do so to regain financial control, not to avoid paying their debts. The automatic stay prevents creditors and collectors from pursuing the individual or his or her property, which is an advantage of filing for bankruptcy. The automatic stay is a court order prohibiting creditors from collecting or attempting to collect any debt owed by the debtor. This provides the debtor with peace of mind, as they are no longer subjected to intrusive phone calls or dreaded collection letters. Additionally, all other legal proceedings, including wage garnishments, judgments, litigation, and foreclosures, will cease. Additionally, the bankruptcy code contains exemption provisions that benefit the debtor. This enables the debtor to retain certain assets or property by asserting them as exempt under state or federal exemption laws. In many instances, a person who files for bankruptcy will not lose any property due to exemption laws.The second major advantage of declaring bankruptcy is a clean financial slate. Simply put, this indicates that the individual will no longer be suffocated by mountains of oppressive debt. In essence, the individual has the opportunity to reestablish their credit and financial life with a debt-free or nearly debt-free beginning. The sensation of liberation that accompanies the elimination of oppressive debt is indescribable. The insurmountable tension a person experiences during a financial crisis can negatively impact their health and family life. Filing for bankruptcy can eliminate a person's debt and the immense stress they are under, putting them on the road to recovery financially and emotionally. If you are facing overwhelming debt, you should discuss your options with a bankruptcy attorney. Filing for bankruptcy could be a wise investment for the future.
" - https://www.affordablecebu.com/
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"Filing Bankruptcy Can Be An Investment In Your Future"
was written by Mary
under the Finance / Wealth
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comments. The article was created on 01 June 2023
and updated on 01 June 2023