Tuesday, December 6, 2016
Five Benefits To Bankruptcy If You Are Being Sued For Past Due Debts
Being sued for anything is unpleasant. When those lawsuits concern past due debts, chances are your stress level will increase drastically. Most people who are unable to pay their debts are already under a significant amount of stress, and adding a lawsuit to that mix only makes matters worse. One thing you can do to keep creditors at bay, and give yourself a chance to repair your finances, is to file for bankruptcy.
Five benefits to filing for bankruptcy if you are being sued for an overdue account include:
● All pending lawsuits must stop right away.
● If you are being garnished, the garnishment must be withdrawn and your employer has to stop holding money out of your paycheck.
● Any phone calls or letters you are getting from collectors must cease, if a lender persists in contacting you, they can be held accountable for their wrongful action.
● The account in question will be part of your bankruptcy, which means once you receive a discharge, the debt is no longer due. When a debt is legally eliminated through bankruptcy, the lender cannot try and collect it after you case has completed.
● Without collection activity, without an active garnishment of your wages, and with the knowledge that when your bankruptcy case is over the debt is no longer due, you get an immediate break from the negative emotions and stress that accompany dire financial straits.
It is easy to get behind on payments, especially when extraordinary circumstances are prevented. Too many Americans have lost their jobs, or been forced to take a cut in pay in recent years. Or, it might be that you have had a medical emergency, and the hospital expenses are mounting. Whatever has caused you to fall behind on your financial obligations, take comfort knowing there is a way out. The light at the end of the tunnel is close, and grows closer every day when you take positive steps towards fixing your finances. Bankruptcy is the answer for thousands of people every year, and it can be the answer for you too! Call us today to find out how bankruptcy will help you.
For more information about bankruptcy, call us today or reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to meet at the office most convenient for you.