Are there any benefits to filing for a personal bankruptcy?
Are there any benefits to filing for a personal bankruptcy?
The reasons people choose to file for bankruptcy are as unique as the individuals who do it. However, there are many benefits of taking this drastic step. If you're considering filing a personal bankruptcy, here are some of the most common reasons: You find yourself unable to pay your bills and debts
When you file for bankruptcy, it means that you are declaring yourself bankrupt. Usually it is because you have too much debt and cannot afford to pay your debts anymore. Bankruptcy can be good in some situations and bad in other situations.
A positive thing about filing for bankruptcy is that the court can order all of your creditors to stop contacting you. This means that collection calls and letters will stop coming to your house, work, or even cell phone. The court also may make all of your creditors pay a fee for taking part in the bankruptcy case.
Another positive thing about filing for bankruptcy is that the court can cancel your debt. This means that if you owe $10,000 on credit cards and $20,000 on medical bills, the court may reduce what you owe by half or even more depending on the circumstances of your case. That can mean that instead of owing $30,000, you only owe $20,000. Canceling debts is only one part of a bankruptcy case, though, so if you don't qualify for cancellation of debts, then this won't help you at all.
If you're still unsure about whether filing for bankruptcy is right for you or not, consider talking to a lawyer about your situation and learn more about what options you have available when it comes to managing your finances.
If you have any questions or in need a Personal Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
