Friday, August 26, 2016
Why Should I File Bankruptcy?
If you are experiencing financial difficulties you might be wondering what options you have to handle your debt. Many consumers turn to debt consolidation or debt counseling as a way to get a handle on their money, but that does not always work. For most debtors the best answer is to file bankruptcy and start fresh with little to no debt owed. In years past the idea of filing bankruptcy was thought of as taboo, but in today’s economy it is a vehicle used by thousands of people a year to get relief from overwhelming debt. Even celebrities and superstars have sought the help of the bankruptcy courts when money is tight, or for other legitimate business restructuring purposes. Whatever caused your current financial situation, please know that you are not alone and that there is help available.
Filing bankruptcy might sound a little scary, but here are just a few of the benefits you will receive when your case is filed:
• Collection calls have to immediately stop.
• Pending lawsuits to repossess your car or to foreclose on your house have to immediately stop.
• If your wages are being garnished, the judgment creditor is required to release the garnishment and your employer will no longer hold out money from your paycheck.
• You can eliminate certain debts all together, freeing up money each month to start a savings fund with or to put towards other obligations.
• Some debts can be reduced to pennies on the dollar, which saves you money in the long run because you no longer have to pay the entire amount that is due.
• The interest rate for certain loans can be reduced, which saves you money by reducing the amount of payment that goes to interest each month.
If these things sound like things that could help your money situation in both the short and long term, then bankruptcy might be right for you. Our office can help by going over your finances with you and letting you know how bankruptcy will help. We will review your current income and debt situation and offer solutions that make sense for you. Call us today to find out more, and to start the process that will put you on the path to financial recovery.
For more information about how bankruptcy can help you, call us today or reach us online at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations for more convenient one on one office visits.