Suffering from debt can be extremely stressful. However, filing bankruptcy may seem scary and intimidating. You may have heard rumors about it that concern you. Fortunately, filing bankruptcy is not scary or intimidating. In fact, many people get a fresh start by filing for bankruptcy.
But how do you know if it is a good solution for your situation? When should you file and why can it help?
When should you file?
There may be a stereotype that people who file for bankruptcy are irresponsible and reckless, but this is not true. Many people file for bankruptcy based on circumstances out of their control such as unexpected medical bills or failed business ventures.
Bankruptcy can help people who have heavy credit card debt or other bills. Recently, people filing personal bankruptcy have outnumbered business filings.
If you have significant debt, fear losing your home or your car, or are constantly harassed by creditors, you may want to consider bankruptcy as a solution.
How does it help?
Filing bankruptcy helps people in a variety of ways. The most significant is that the automatic stay kicks in after bankruptcy. This can save people in a few different ways including stopping creditor harassment. It can also stop foreclosure and an eviction.
These are just a few of the many ways filing for bankruptcy can help people suffering from debt. If you think bankruptcy could help you, you may want to speak with an attorney who can help you start the proceedings and advise you.