Bankruptcy Benefits

There are a number of reasons to choose bankruptcy as the solution to your financial hardship. Often overwhelming debt gets the better of us and the only option is to step back and start again. Chapter 7 and Chapter 13 bankruptcy allows you to look forward to a future that is not surrounded by debt. Although coming to terms with bankruptcy can be a very hard thing, there are a number of benefits to doing so. Five of these benefits to filing for bankruptcy are listed below:

1) An end to creditors

There is nothing worse than arriving home from a tough day at work and being confronted with threatening letters and phone calls from creditors. You most likely already know you are in a financial mess without the creditors constantly reminding you of the money you owe and what will happen if you are unable to pay now. From the day you file for bankruptcy, the creditor harassment will stop.

2) An end to wage garnishment

Another benefit to bankruptcy is that, in addition to putting an end to creditor harassment, all wage garnishments will cease as well. You can actually breathe a sigh of relief knowing that your money will be going into your bank account where you need it most. Furthermore, any threats of foreclosure, bank account holds and repossessions will also stop.

3) A discharge of most unsecured debts

Chapter 7 and Chapter 13 bankruptcy will allow you to discharge most unsecured debts including credit card debts, utility bills, some medical bills and some bank loans. However, the amount of unsecured debt you choose to discharge will depend on your unique financial situation. Keep in mind that some debts, such as tax debts, alimony and child support, are not dischargeable, not matter what chapter of bankruptcy you file.

4) A way to gain control of your finances

Bankruptcy is not something you will want to go through more than once. It can be an incredibly effective teaching method for managing and controlling your finances. Our lawyers will not only help you file for bankruptcy, but we will also help you manage your finances so that you are never confronted by overwhelming debt again.

5) A stress free fresh start

Perhaps the greatest benefit to bankruptcy is the relief it can provide. For several months or years you have been living with a massive weight on your shoulder. Bankruptcy will lift this financial weight off and allow you to breathe again. You have the opportunity to start fresh and focus on the future without worrying about the accumulating debt holding you back. Furthermore, in most instances, you will not lose your home when filing for bankruptcy. What this means is that you can start again without losing the things you have worked hard for.

Minnesota Consumer Bankruptcy Lawyer

Let us help you see the light at the end of this financial tunnel. Our lawyers will provide you with the legal advice you need during this difficult time as well as the care, dedication and compassion you deserve.

We represent as Minnesota Bankruptcy Lawyers clients in matters involving Chapter 7 bankruptcy, Chapter 13 bankruptcy, wage garnishment, creditor harassment, foreclosures and debt consolidation. Contact Myles A. Schneider & Associates, Ltd. 24 hours a day, seven days to week at 763-315-1100 to see how we can help you.