Tuesday, August 15, 2017

Are The Benefits To Bankruptcy Immediate Or Long Term?

When people begin to experience financial difficulty, they want an immediate form of relief. Even a short reprieve from the stress of having more debt than income can help you to formulate a plan of attack, and put you on the path to financial freedom. The best way to get immediate relief is to file for bankruptcy, because it puts an immediate stop to collection calls and harassment from creditors. But is bankruptcy just a quick fix, or are there lasting benefits to filing a case?

The immediate relief offered by filing for bankruptcy is that your creditors can no longer contact you, and you get a chance to wipe out debts that are impossible to repay and start fresh. But there are also long term benefits to filing a bankruptcy case, such as:

         Before you are allowed to file a bankruptcy case you have to take a credit counseling course. This course is designed to give you tips and pointers for staying out of debt and recognizing the behavior that leads to getting in over your head. The knowledge you take away from this course is yours to keep, and can be relied upon for years to come.
         When you finish a case and have little to no debt left, you are literally starting with a clean slate. Having no debt gives you the freedom to save, so you are better prepared for an emergency down the road.
         The emotional relief bankruptcy affords is priceless. We all know how difficult it is to live with burdensome debt, and that not having enough money can cause problems in marriages, friendships, and distract you at work. When you file a bankruptcy case, those negative emotions decrease.
People who are able to come out of bankruptcy and manage their money differently typically experience long term financial benefits. It seems odd that someone with good money habits may have them because of bankruptcy, but it is a very likely possibility. If you want to get out of debt, and stay out of debt, let us help you. We will let you know how bankruptcy will benefit you today, and tomorrow.

If you have more questions about bankruptcy, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.

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