At Craft Law, we know that “bankruptcy” can be a scary word. We strive to make filing for bankruptcy as stress-free as possible so that you can solve any financial or legal troubles you or your family are going through. What are the benefits of filing for bankruptcy?
While there are some disadvantages to filing bankruptcy, there are some advantages as well, and many people feel that filing for bankruptcy is the right decision for them. First of all, filing for bankruptcy triggers the automatic stay, which is an automatic injunction. This means that creditors cannot take action to collect their debts. In addition, creditors cannot repossess property like cars. This also prohibits evictions, foreclosures, wage garnishments, and utility shutoffs.
Once filing for bankruptcy, you may also be able to avoid repaying your dischargeable debts. Also, when it comes to bankruptcy exemptions, many debtors can go through this process without losing property.
Filing a bankruptcy claim will stay on your record for 7 to 10 years, which is an important thing to understand before filing. But many debtors find that they improve their credit score after filing for bankruptcy because many debts can be discharged in bankruptcy.
Another advantage of bankruptcy is that you can learn to live within your means without relying on credit cards. This can help you in the long run and guide you in preventing future financial issues. Personal bankruptcy debtors are also required to take credit counseling, which means you’ll be educated on how to build your credit and pick up new financial habits. Again, this will help you in the long-term.
While it is a possibility to be denied bankruptcy after filing, this doesn’t usually happen, and most everyone who files for personal bankruptcy will be accepted. We’re happy to answer any questions you may have about this process.
At Craft Law, we are determined to make this process as easy and stress-free as possible. We serve customers throughout Greenville, Morehead City, and Rocky Mount, North Carolina. Give us a call today!