Benefits of Bankruptcy

How bankruptcy can help you!

Are you struggling with overdue payments and stubborn debt? Many people believe bankruptcy to be this dreaded remedy that most hope to avoid. That is simply because they do not know how many benefits bankruptcy can provide to financial struggling Americans. Bankruptcy is an efficient tool that the government has offered to those who need it most. Qualifying for bankruptcy can be difficult, but with the help of bankruptcy Attorney David R. Chenelle, it is far from impossible. The number of bankruptcy filing in America has not diminished since the new laws were enacted in 2005, in fact millions of people are enjoying the financial relief that it brings. In 2009 alone, there were 1.3 million individual bankruptcy filings (non-business). Hopefully this information can help inform you of those benefits and help you decide if bankruptcy is right for you!

Save your Home from Foreclosure

Chapter 13 bankruptcy is actually a very popular option for people who are facing foreclosure or car repossession. This type of bankruptcy makes it easier to protect your valuable property and assets. Once you begin the filing process, your home will be protected under what is referred to as the “Automatic Stay,” this stops the foreclosure process in its tracks. Your home will be immune from liquidation as long as this stay is in effect, as long as the equity in your home is deemed exempt. If your creditors have “security interests” in your home, your car or other property, those payments are not exempt during the bankruptcy process.

Protection Against Creditor Harassment

The automatic stay is discussed in the United States code, 11 USC § 362 and it protects debtors from creditor scrutiny from the moment that you file your bankruptcy petition. Once this stay is enforced, creditors are prohibited from pursuing any lawsuits, repossessions, foreclosure sales, garnishment, or collection actions against you. The automatic stay will stay in effect until a judge lifts it at your request, the debtor get their debt discharged, or the item or property is no longer property of the estate. This means no more pestering phone calls or demanding letters, this is a very nice bankruptcy perk if you have experienced these frustrations. If creditors violate the stay in any way they may be penalized by the courts.

Have Your Debt Discharged

Are you in over your head with debt? Chapter 7 bankruptcy provides almost immediate debt relief, discharging most, if not all, of your unsecured debt within 3 months (90 days) after filing. Chapter 13 bankruptcy allows you to negotiate a more affordable payment plan with your creditors so you can get caught up on back payments, get current on your loan, fight against foreclosure, and save your car from repossession. The repayment plans last anywhere from 3-5 years and once it is completed, that debt is considered discharged. Don’t let debt hold you back any longer.

People Don’t Need to Know that You Filed

Unless you are a famous or prominent social figure, bankruptcy is not a widely disclosed event. The only people that will be notified when you file a bankruptcy petition are your creditors, the bankruptcy court, the IRS and anyone who asks for your credit history report (a bank or credit card company). Your close family, friends and coworkers never need to know that you filed unless you share that information with them personally. It is also important to remember that filing for bankruptcy is not a public humiliation or anything to be embarrassed about. Millions of Americans file bankruptcy every year and you are not alone in this time of financial hardship.

Get a Fresh Start

If your debt is discharged through filing bankruptcy, that money never has to be repaid, it is simply eliminated and forgiven. After only 2-4 years you can see your credit score begin to improve and you can reapply for secured credit cards and loans. Now that your debt is eliminated and your monthly payments are manageable, you can prove to creditors and that you are a responsible debtor and begin building up your credit.

Bring Peace Back into your Home

Money and finance issues are usually the number one problem and issue of agreement between married couples. Financial hardship can negatively affect everyone in the household and can create a tense environment. Once the root of the problem is eliminated, you can enjoy their company once again and focus on more important family issues.

It is vital during this crucial and stressful time, that you have a strong legal advocate by your side to help pursue your best interests. We can fill out the complex legal paperwork, help with the qualification process and ensure that you don’t miss any vital legal deadlines. Attorney Chenelle will fight vigorously to protect your rights and help you experience financial freedom. Attorney Chenelle has extensive experience in the area of bankruptcy law and offers unparalleled legal counsel to his clients. Don’t be ashamed to ask for help, there are many benefits of bankruptcy and it could be the best option to eliminate your debt. Contact Attorney Chenelle today for your free bankruptcy evaluation and find out if bankruptcy is right for you!

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.