Why Choose 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.

    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/