Top Three Reasons to File Bankruptcy

Bankruptcy is not appropriate for every situation, and the primary concern of a bankruptcy lawyer is to explore all of the options to determine whether bankruptcy or some other option is the best choice for you. No one intentionally chooses financial hardship. But how you face your adversity impacts your outcome. Here are the Top Three Reasons to File Bankruptcy.

Top Three Reasons to File Bankruptcy

Bankruptcy Solves Problems

Bankruptcy often results after a life-altering event: unemployment, illness, family hardship, divorce. These times in our lives are extremely stressful. Bankruptcy could help you to extricate yourself from otherwise intractable circumstances.

Whether you’re facing foreclosure, paying an unaffordable garnishment, getting sued by creditors, or just seeking to improve your credit profile, bankruptcy solves many different types of problems. This is the top reason that people file bankruptcy. The automatic stay and the bankruptcy discharge are powerful legal tools that solve problems.

Bankruptcy Reduces Stress

Calls and correspondence from debt collectors can develop into a major problem. Creditors will call you at home and at work. And with the recent rise of skip-tracing, they will also call your family, friends, neighbors, and colleagues. Creditors generally relentlessly pursue payment despite specific financial hardship or circumstance.

Filing bankruptcy puts an immediate stop to creditor calls and correspondence, no excuses, no muss, no fuss. If a creditor contacts you while you are in bankruptcy, then that creditor has violated an order of the court. We will sue that creditor for damages and attorneys fees.

Taking a proactive approach to solving your financial problems will be a big relief. From the moment you file bankruptcy, your creditors must cease all attempts to collect on debts. All repossession, garnishment, and foreclosure efforts must cease immediately. All lawsuits are halted, or stayed. The very act of filing bankruptcy can relieve you from an enormous amount of stress.

Bankruptcy Gives you a Fresh Start

Some debts, like student loans and child support, cannot be eliminated by a Chapter 7. Some people make too much money to qualify for a Chapter 7 bankruptcy and must instead file a Chapter 13 and submit a repayment plan. Whatever form of bankruptcy you file, the fundamental goal is to restructure your finances and to free you from debt. Filing bankruptcy can be a difficult decision, but the benefits often outweigh any potential downside.

If you are considering filing bankruptcy in Washington, D.C. or Maryland or Virginia, call Lee Legal at (202) 448-5136 to schedule a free consultation.

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