When you are looking at solutions for finding relief from crushing debts and other financial issues, filing for the protection of bankruptcy can be the only way that you may be able to escape this problem. While there are many ways that bankruptcy protection can be beneficial, individuals will often neglect to be adequately informed about this type of legal filing.
What Types Of Protection Will You Enjoy From Filing For Bankruptcy?
If you have had the misfortune of falling behind on your financial obligations, there can be an assortment of collection activities that can be taken against you. These activities can range from negative reports on your credit to repossessing major assets. When you file for bankruptcy protection, one of the most important benefits is that all collection activity must cease immediately. This is done to allow the court system to process the bankruptcy filing without leaving the applicant exposed to harsh collection actions as they wait for the case to move through the court system. Once the bankruptcy has been processed, it can be possible for the applicant's debts to be completely eliminated or restructured.
Will It Be Embarrassing To File For Bankruptcy?
There is often a serious social stigma that is associated with filing for bankruptcy protection. This type of protection can be invaluable for giving you a chance for a clean financial start, but you may not pursue it if you are concerned about the embarrassment of this type of filing. Fortunately, the process of filing for bankruptcy protection will be extremely discreet, and it is unlikely that anyone you know will find out about this filing unless you tell them.
Is It Necessary To Lose Your House To File For Bankruptcy?
Another reason that you may not seriously consider filing for bankruptcy is due to a belief that you will have to lose your home and any other major assets to seek this protection. Yet, there are options that may be available to avoid this outcome. For example, a Chapter 13 filing can allow you to retain these assets by negotiating with your existing creditors to make payment plans that are more conducive to your financial situation. In instances where you do not qualify for a Chapter 13 filing, there may be ways of negotiating the settlement with the creditors to help you retain some of your more important assets. For example, if you rely on your car for your career, you may be able to negotiate keeping the car so that you will still be able to work.
To learn more, contact a business such as Affiliated Legal Services Inc.
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