Bankruptcy Restarts Your Life
You may have heard it before – bankruptcy restarts your life. But what do people really mean when they say that bankruptcy gives you a fresh start? Here, we will discuss some of the most outstanding pros of filing for bankruptcy.
The truth about bankruptcy may surprise you.
Bankruptcy stops most collections
Many people remain unaware that bankruptcy stops most collections. Collections may come in the form of harassing calls from your creditor or garnishments on your paychecks. When you are filed for a chapter 7 or chapter 13 bankruptcy, it initiates an automatic stay, which stops collection efforts from creditors. In some cases, a bankruptcy attorney can even recover a refund of some of the garnishments you may have been subject to.
Bankruptcy eliminates most debts
Some people may be unaware that bankruptcy can eliminate many types of debts, including credit card debt. Credit card debt can feel overwhelming, especially when it comes from multiple sources.
Surprisingly, many people don’t know that bankruptcy can also discharge medical debt. Medical debt is one of the most catastrophic types of debt to encounter. It is almost never planned for and even when it is, the amount may exceed expectations.
Filing for bankruptcy may be able to help by either eliminating your debt or entering you into a repayment plan.
Bankruptcy cleans up your credit
A common misconception about bankruptcy is that it ruins your credit, however, it can actually give you a fresh start. Bankruptcy can provide an opportunity to rebuild your credit by removing overwhelming debts and leading you on a path towards financial stability.
Let Bankruptcy Restart Your Life Today
Don’t spend another day worrying about collections, debts and bad credit. Call The Atlanta Bankruptcy Law Offices of Dax J. Miller today so we can help you find out how bankruptcy can restart your life!