Benefits of Bankruptcy
LaPlace Bankruptcy Attorney
While the decision to file for
bankruptcy is never easy, it is important to know that the
process is designed to help you. It is not meant to be a punishment, and your
life will not harmed as a result of filing. If anything, your life may
after bankruptcy, as you will have eliminated most or all of the liabilities that were
causing you financial hardship. There are several primary benefits that
bankruptcy offers, and they include:
- Freedom from debt - If you have filed for Chapter 7, your unsecured debts,
such as credit cards, medical bills, and personal loans will be discharged,
freeing you from the obligation of paying them. If you have filed for
Chapter 13, you will pay towards your debts according to a payment plan.
Once the plan has been completed, your debts are discharged.
- Halting collection actions - When you file for bankruptcy, the court institutes
an "automatic stay," which prevents creditors or debt collectors
from pursuing any further action against you. If your property is in danger
of being repossessed, or your home in danger of foreclosure, an automatic
stay will prevent that from happening while you navigate your bankruptcy
- Obtaining a fresh start - Once your bankruptcy is over, you will be able
to rebuild your credit over time, potentially reaching a level of financial
health that is higher than before you filed for bankruptcy.
- Discretion - You are entitled to keep your financial information, and your
bankruptcy, private. Unless you are applying for a new loan or credit
card, you are not obligated to tell anyone that you have filed for bankruptcy.
Metairie bankruptcy attorney can help you determine if you will benefit from the bankruptcy process.
Bankruptcy Help in Your Area
At Bacchus Law Group, LLC, we possess the knowledge and resources of a
large bankruptcy firm. At the same time, we are committed to providing
the personalized service and communication that is normally associated
with a small firm. In helping you file for bankruptcy, we will have all
of the necessary tools at our disposal to increase the likelihood of your
case being a success.
Contact a bankruptcy lawyer who will work towards helping you take advantage of the benefits bankruptcy
provides. In search of legal counsel? Our bankruptcy attorney serves clients
in St. Tammany Parish, Covington, and Mandeville.