When people hear or see the word “bankruptcy”, there is often a negative connotation that goes along with it. They often think that bankruptcy will completely ruin your credit and that you’ll have to sell everything you own in order to free yourself from your debts (neither of which are true). Not to mention the social stigma surrounding filing for bankruptcy. But in today’s blog here at Sanchez Garrison & Associates in Baltimore, we are here to set the record straight. Keep reading to learn more about some of the many benefits that filing for bankruptcy can have on your life or contact us today to learn more and schedule your free consultation.
Perhaps the biggest benefit that people encounter after filing bankruptcy is stress relief. Constantly worrying about whether or not you can pay your bills from day to day takes a toll on a person. Many people experience sleepless nights from staying up and worrying about how they are going to afford to provide for their families. Some even have to make impossible decisions between paying bills or buying food. Successfully filing bankruptcy brings indescribable stress relief for people every day. There is no need to keep living under financial hardship that is affecting your day-to-day life. Call us at Sanchez Garrison & Associates, LLP in Baltimore. One call and free consultation could change your life.
Greatly Reduce or Eliminate Debt
Depending on the type of bankruptcy that you file for, you can significantly reduce or entirely pay off your debts altogether. With Chapter 7 Bankruptcy, you liquidate all your non-essential assets and to pay back your debtors and start over with a clean slate. With Chapter 13 Bankruptcy, you can come up with a plan that works for both you and your creditors to repay an agreeable portion of your debt within a few years. In either case, you get a fresh financial start without the burden of debts looming over you. Some people feel like they just have to work hard and pull themselves up by their bootstraps. That method can work in some situations, but there are other situations in which no matter how hard you work, you may never get out from underneath your debt without a little assistance from a bankruptcy attorney.
Time and Space to Breathe
Another common benefit of filing bankruptcy includes getting a little space to think and breathe. When you owe people money, they are often very persistent at making sure that you know that you owe them money. There are often tons of calls, emails, letters, and more demanding that you make payments immediately. Once you file for bankruptcy, lenders can no longer continue to harass you for payment and it will halt any foreclosure or repossession proceedings. This gives you much-needed space where you can regroup and come up with an effective strategy that works for everyone — like working with a bankruptcy attorney at Sanchez Garrison & Associates, LLP in Baltimore. Stop the constant bombardment and give yourself an opportunity to breathe by contacting our bankruptcy lawyers today.
Compromise With Your Lenders
Filing for bankruptcy can be a diplomatic equally beneficial way to negotiate with your creditors. Especially with Chapter 13 Bankruptcy where you are actively working with your lenders and the court to come up with a mutually beneficial repayment plan. Bankruptcy can provide an attractive win-win solution for people who need help getting through financial hardships.
Sanchez Garrison & Associates, LLP in Baltimore
When it comes to filing bankruptcy, make sure you have the facts! We hope that today’s blog has helped shine some light on the benefits and freedom that filing for bankruptcy can have. Be sure to contact our team at Sanchez Garrison & Associates, LLP in Baltimore to schedule your no-obligation, free consultation to see if bankruptcy is a good option for you.