The Benefits of Bankruptcy
Even in this day and age when so many people have taken advantage of the protections offered by bankruptcy law, many people continue to believe that there is a certain stigma attached to filing bankruptcy. Certainly there is nothing pleasant about being unable to pay your bills, but most people find a sense of relief that the collection calls and letters will finally stop and that they will have a plan to move out of crushing debt and start over financially. Oswalt Law Group has helped many people in Arizona file for bankruptcy and protect themselves and the ones they love from legal actions.
Bankruptcy Benefits: Peace of Mind and Wallet
There are several important benefits to filing bankruptcy for the debtor. These benefits include:
- Discharge of debts. Of course, the most important aspect of bankruptcy is the debt discharge. When you owe money to someone, that person or company can take legal action against you to collect the debt. A bankruptcy puts a stop to this type of worry forever by barring the creditors from taking any action against you. Once a debt is discharged, the creditors cannot pursue legal actions against you any longer.
- Stops harassment. The constant phone calls and letters from creditors can be embarrassing and have a detrimental effect on your health. Bankruptcy offers you the protection of a stay. This means that the judge orders that no creditors contact you in any way about your debt. The bankruptcy stay allows you to relax and focus on paying off the debt as soon as possible or meeting the court’s requirements and receiving a discharge for your unsecured debt.
- Options to pay off debts. While many bankruptcy actions simply discharge debts, there are plans that allow you to pay off your debt if you own property or have other collateral you would like to keep. You are only allowed to pay off debt to certain creditors according to the rules of the court, however, so it is important not to pay off one creditor in favor of the other without seeking advice from a bankruptcy attorney.
Oswalt Law Group offers bankruptcy advice and help for those who simply cannot pay their bills any more. If you think you may benefit from bankruptcy, contact Oswalt Law Group immediately. The sooner you explore your options, the sooner you can stop worrying about your bills and begin working your way back to financial solvency.