Reasons to Think About Filing for Bankruptcy
Millions of people in the United States file for bankruptcy on an annual basis. If you’re experiencing debt woes that seem out of control, bankruptcy may be the most logical option for you and for your finances. People often have various incentives to file for bankruptcy.
The Automatic Stay
There are a number of bankruptcy advantages. If you file, it will bring about a concept that’s known simply as the automatic stay. The automatic stay stops creditors in their tracks. It prevents them from doing things as a means of rounding up their associated debts. People who want to safeguard themselves from vehicle repossession, lawsuits, and nonstop telephone calls often get a lot out of the automatic stay. If you don’t want to have to deal with an apartment eviction, your electricity being turned off, or anything else along those lines, then you could also benefit from the automatic stay.
Getting relief is another bankruptcy benefit to consider. It can be incredibly stressful to have to deal with persistent telephone calls and letters from creditors. It can also be tough to keep up with them. You may be embarrassed and try to hide your debt from friends, relatives, neighbors, and co-workers too. If you file for bankruptcy, then you no longer have to deal with the exasperation of debt collectors. They’ll no longer put effort into trying to contact you all of the time. If you wish to get some relief from creditors, then filing for bankruptcy may work for you.
Doing Away With Debt
There’s no disputing what a massive burden debt is. If you want to take control of your existing debt, bankruptcy can assist you with the process. It may be able to do away with debt that you’re simply not able to pay back. It may also be able to establish an in-depth repayment plan that can accommodate your wishes too. There are also exemptions in place, which can come in handy for individuals who want to hold on to vital possessions such as their vehicles. If you’re looking to begin a brand-new chapter in your life, then filing for bankruptcy can help you to do so. Bankruptcy doesn’t strive to penalize people for past financial woes; instead, it strives to empower people to make better financial decisions in the future.
Saying Farewell to Credit Cards
Some people believe that credit card use can be convenient for all kinds of unpredictable life situations. Credit cards, however, can be a crutch for some individuals. If you file for bankruptcy, you essentially have no option but to do away with credit cards. Going without a credit card can be a great learning lesson for some individuals. If you don’t have any credit cards to rely on, you can figure out how to budget. You can determine how to stop monetary dilemmas from striking at a later time as well. If you want to become better at budgeting, then being able to survive without using credit cards can do you a lot of good.
There are other bankruptcy perks to think about at length. If you file for bankruptcy, it can help you safeguard the items that you own. Don’t assume that bankruptcy necessarily means that you’ll lose everything you have. The aforementioned exemptions can help you hold on to certain possessions that have a lot of value to you. You may be able to safeguard your residential property, apparel, furnishings, cars, and more.
Bankruptcy can be a difficult thing to grasp because there are local rules in addition to federal laws. If you want to get legal counsel from NJ bankruptcy attorneys who genuinely grasp bankruptcies, contact us at Neuner & Ventura LLP today. Call our legal office in Marlton, New Jersey, at (856) 596-2828 as soon as you can to book an appointment for a consultation that’s 100% complimentary. We can speak with you in detail about all of the factors that go into bankruptcy.