Bankruptcy comes with an inherently negative connotation, for very good reason. It is a decision that should be considered carefully, as it can significantly damage your credit and results in many consequences in your life. However, not everything about bankruptcy is bad and there are several benefits to filing for bankruptcy, despite the downsides. However, when you decide to file for bankruptcy, you need to consult with a legal professional to learn both the pros and cons of bankruptcy and determine how bankruptcy will impact your life.
In many cases, filing for bankruptcy will result in an automatic stay being issued from the court. This is a legal injunction that stops any kind of collection from debtors. This can be incredibly helpful, as it will stop collectors from harassing you. You won’t have to dodge phone calls to avoid collectors, as the automatic stay will legally prohibit these collectors from contacting you until further proceedings have been completed. This can make your life much easier.
Bankruptcy can help to either clear your debt or create a repayment plan for debts that cannot be discharged. An incredible advantage to this is that the cleared debts are gone permanently, which means that these debts will no longer impact your life and will allow you to focus on rebuilding your credit and your life.
There are both advantages and disadvantages of filing for bankruptcy. It is absolutely vital to obtain superior legal counsel to ensure that you are able to procure the best result after your bankruptcy case has been settled. Our attorneys are experienced and are able to effectively guide you through the bankruptcy process. To learn more about the impact bankruptcy can have on your life, contact us at LeBaron & Jensen today!