Category Archives: Bankruptcy
Money issues can seriously cause stress, and filing for bankruptcy can be a way to help those with debts to handle the problem and start anew. According to the Bradford Law Offices, PLLC, website, bankruptcy can help defeat the financial issues that can be so difficult to handle in anyone’s life. For many, bankruptcy can cause all the financial chaos to settle down and end the debts.
Despite the negative connotations of bankruptcy, there are advantages that come with it, mainly that through bankruptcy some debts can be discharged and the rest can be put in a planned payment scheme that gives the debtor a way to pay back through a given amount of time. Because of this, the debtor is given the chance to repay the non-dischargeable debts and build his life from scratch.
Another benefit of filing for bankruptcy is the chance to rebuild the credit score. This may be what causes other people to be wary of bankruptcy and cause it to be the last resort for debt problems. Although it does damage the debtor’s credit score, filing for bankruptcy can help fix the credit score from the bottom up and have a new record.
One of the main problems that debtors have to face when they are filing for bankruptcy is the swarm of creditors who can be annoying and pestering most of the time. It is easy to understand why these creditors act like that, but being harassed to the point of exhaustion is unnecessary. Fortunately, if you have been loaned money from these people and have already filed for bankruptcy, you can have ask the court for an automatic stay or implement a consumer protection order from the court. Based on an article from Greenway Law, LLC, common causes of such court orders are mistreatments like defamation, financial injury, violations of the Fair and Credit Reporting Act (FCRA) and many others.
It can hard to iron out the problems that being bankrupt can give, however it does have its advantages. Filing for bankruptcy can give you peace of mind to concentrate on how to pay your debts and get you life back together.Read more