What Are The Benefits of Bankruptcy?

Phoenix Bankruptcy Attorney: Benefits of Bankruptcy

What are the benefits of bankruptcy?

Debt can be overwhelming. People experiencing the pressures of debt can find themselves confronting divorce, medical problems from stress, even loss of employment. If you’re undecided as to whether to file for bankruptcy, you should first consider the benefits you can experience when the process is complete and you subtract that burden from your life.

Many stresses can be reduced or stopped by filing for bankruptcy, either Chapter 7 or Chapter 13. The first and most significant benefit you will notice is there will be no more contact by phone, mail or other means from a creditor during the first phase of bankruptcy: the automatic stay.

Debt Relief Through Bankruptcy in Phoenix

As the process moves forward, the consumer debt that you have accumulated, including credit card debt, personal loans, utility bills and other unsecured debt could be discharged if you have filed Chapter 7. Those who have filed Chapter 13 will have the opportunity to pay off all of their back bills and obligations over a 3 – 5 year period in one payment that is manageable, based on their exact personal financial condition. When the period is over, any remaining amount will be discharged. The freedom from overwhelming debt is one of the main benefits that we hear from those who have completed the process: a fresh start and ability to move forward gives people and business owner’s new hope for the future.

Need an attorney for your bankruptcy in Phoenix? Contact a Phoenix bankruptcy lawyer from our firm today by calling 602-225-2222.