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Filing for Bankruptcy Provides Relief and Freedom

On Behalf of | Mar 23, 2014 | Bankruptcy Basics

Many Americans have debt. Many also struggle to pay off debt. In most cases bankruptcy provides much needed relief from debts associated with credit cards, medical expenses and loans. It can often be confusing, however, to determine if bankruptcy is the right choice. Ultimately, the decision of whether or not to file for bankruptcy is a very personal one and for those who are considering bankruptcy, it’s wise to seek the advice of a bankruptcy attorney who can answer questions, review financial information and provide advice.

There are numerous factors that should be taken into consideration when deciding whether to file for bankruptcy, including the types of debt an individual has accrued. In cases where the majority of debt is attributable to medical expenses and credit card purchases, filing for bankruptcy can successfully eliminate these types of unsecured debt.

Those struggling to repay debt may fall behind in payments. While it can be a difficult reality to face, debt and debt problems don’t just go away. Individuals who know they will not be able to repay existing debt, would be wise to face that reality head-on and take steps to eliminate debt. In cases where an individual is being hounded by creditors, facing litigation or has had their wages garnished; it’s time to explore bankruptcy.

Attempting to deal with overwhelming debt is often stressful and can adversely impact an individual’s life in numerous ways. Once an individual has decided to file for bankruptcy, the harassing calls from creditors and garnishment of wages stop. The process of filing for either Chapter 7 or Chapter 13 bankruptcy can be complex and confusing. An attorney who handles bankruptcy matters can answer questions, work to ensure certain assets are retained and assist in the bankruptcy filing process.

Source: The American Bankruptcy Institute, “Should I File for Bankruptcy?” 2014