There are numerous reasons to file for bankruptcy, but only a few that prevent individuals from doing so. People commonly use the excuses ""I don't want to ruin my credit"" or ""I need my credit cards to survive."" The problem with these justifications is that the credit card they cherish so much is destroying their lives. Pride and the uncertainty of living without credit are the underlying causes.
Because individuals do not want to deal with their financial issues, inaction is frequently their safest option. This works so long as the debtor can continue to make the minimum credit card payment each month. Once the consumer has missed a couple of payments, they will realize that the creditor is not their friend and will take aggressive action to collect the debt.
Chapter 7 bankruptcy is therefore a failsafe method for eliminating credit card debt. If a creditor wishes to take action against a debtor who has filed for bankruptcy, the automatic stay will prevent them from doing so. The automatic stay is one of the most effective instruments used by a bankruptcy attorney to shield the debtor from creditors. Once a bankruptcy petition is filed, creditors are notified and an automatic stay is enacted until the bankruptcy is discharged. The automatic stay halts all collection efforts and legal proceedings against the debtor. This includes telephone inquiries, letters, lawsuits, wage garnishments, court orders, and foreclosure. Creditors can only avoid this by filing a motion for relief of stay with the bankruptcy court. Typically, this is only granted for secured debts for which the creditor can demonstrate ownership.
Filing for bankruptcy in the New Year can provide the delinquent with a new outlook on life. The burden of unaffordable bills will be eliminated, collection calls will cease, and the debtor will no longer have to fret about being served court documents. Filing for bankruptcy will alleviate this tension, which is detrimental to your health. Numerous individuals use bankruptcy to eliminate their debt. Don't stress about the embarrassment associated with filing for bankruptcy. There is anonymity in numbers; in 2010 alone, more than 1.5 million Americans filed for bankruptcy to eliminate their debt. The banks have been bailed out several times over the past few years; why not use bankruptcy as a form of bailout devised for the average person?""
" - https://www.affordablecebu.com/
