Bankruptcy Financial troubles can bring a lot of stress to life. In excessive financial stress people tend to keep away from bad reputation and complications. Due to false negative aspects of filing a bankruptcy, people stay away from it even in worse financial situations. For most individuals, filing a bankruptcy is often the last resort, when negotiations and financial counseling fail to provide any relief. Also, people do not realize that debt negotiation services can be fraudulent at times, and can put them into even bigger problems.

Despite the negative publicity revolving around bankruptcy, it can be the best option if you get proper legal advice from a bankruptcy attorney.

Benefits of Filing a Bankruptcy

Relief from creditors’ phone calls
Distressing phone calls from creditors often add to debtors’ worries. Once a bankruptcy is filed, creditors are not allowed to contact the debtors. They can no longer call you or email you. Even if they do, they will face severe legal repercussions.

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Foreclosure intervention
Homeowners, who are trying hard to pay their mortgage expenses, are constantly facing the fear of foreclosures. In such situations, if a Chapter 13 bankruptcy is filed, the fear of foreclosure will vanish. A good foreclosure defense attorney will help you to restructure your debt plan so that you will be able to catch up with your mortgage payments.

Eliminating IRS taxes
Chapter 13 Bankruptcy can discharge your IRS taxes with new tax debts. A Chapter 13 Bankruptcy will also allow individuals to pay back their debt over the span of 3-5 years while holding back the penalties and IRS interest.

Eliminating credit card debts
Both Chapter 7 and Chapter 13 bankruptcy can end credit card payments. With the help of an experienced debt relief attorney, you may even qualify for complete credit card debt discharge in Chapter 7. Chapter 13 requires you to pay a part of or all of your credit card debts through a repayment plan suggested by lawyers under the protection of court. Moreover, all the payments would be free of any interest rate.

Preventing repossession
If you have taken a car loan that you are unable to repay, the car creditor has full rights to recall your vehicle and even sell it later on. But once you file a Chapter 13 bankruptcy, the creditor will not be able to repossess your car. If your vehicle has been already repossessed, Chapter 13 prevents the creditor from selling it to anyone. Then, with a structured repayment plan you can get your car back with timely payments.

These are just a few benefits of filing a bankruptcy. There are many more advantages which you will get know and experience only with the help of a good bankruptcy lawyer. One who is highly experienced and has provided outstanding debt relief services to several decent people saddled with debt.



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J. Randall Frier has cleared various misconceptions of individuals regarding bankruptcy. He has made them believe that bankruptcy is a new beginning, and has the potential to put an end to all financial crises. http://jrandallfrier.com/

J. Randall Frier has cleared various misconceptions of individuals regarding bankruptcy. He has made them believe that bankruptcy is a new beginning, and has the potential to put an end to all financial crises.
Randy Frier
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