How Can Filing Bankruptcy Help Ease the Stress of Debt?

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The thought of filing bankruptcy can be intimidating.  Our bankruptcy attorney has been working with clients to help them resolve debt issues for more than three decades.  We not only know the physical process of filing bankruptcy; we also understand the emotions that can occur as a result.  We sometimes meet with clients who are so overwhelmed, they feel there is no way out.  They often ask us if filing bankruptcy will really ease their stress.  While we cannot wave a magic want to make your stress go away, our bankruptcy lawyer can say with quite certainty that many clients report feeling much less stress after filing bankruptcy.

We are continuing our series of articles discussing some ways filing bankruptcy can ease the stress of being in debt.  Our previous article covered the fact that once your bankruptcy attorney files for you, an “automatic stay” takes effect and creditors will be required to stop contacting you. We also discussed the ways in which different types of bankruptcy can resolve debt issues. Today, we will look at two more ways filing bankruptcy can reduce stress of debt.

Prevents Foreclosure

Filing Chapter 13 bankruptcy can help prevent your home from going into foreclosure.  This is because when your bankruptcy attorney files Chapter 13 on your behalf, you are essentially asking for the ability to re-organize your debt, allowing you to catch up on your mortgage and/or finance your past due payments in accordance with the payment plan that has been established as part of your Chapter 13 bankruptcy.

Retain Assets

Filing bankruptcy can help protect your personal assets that you already own (i.e., jewelry, clothing, furniture, etc.) as well as help you retain some that you don’t.  For instance, if you have a car loan and are behind on payments, you may be able to keep the vehicle under your bankruptcy financial restructuring plan.  

When in need of an experienced lawyer to help them file bankruptcy, Charleston residents and those in surrounding areas trust the Drose Law Firm.  Give us a call to meet with our bankruptcy lawyer today.