One of the hardest financial decisions you will ever have to make is if you should file bankruptcy or not. Many people have a negative feeling about filing bankruptcy. As a result, it can cause some individuals emotional damage. But if you focus on the benefits of having your debts discharged, the concept doesn’t sound as nearly as bad. A qualified bankruptcy attorney in CT discusses the advantages of bankruptcy protection.
Keeping Your Home
In most states, you can usually keep your home after filing from bankruptcy. Your home is one of the few possessions that are exempt from being liquidated until debt discharge. However, there are different guidelines for each state and you might not qualify for exemption depending on the amount of equity you have built up.
No More Harassment
A benefit of bankruptcy that you will notice right away is that the phone calls from creditors should stop. Once you tell your creditors that you have filed for bankruptcy discharge, they are required by law to stop contacting you. Instead, they are supposed to contact your bankruptcy attorney in CT. If they continue to contact you following their notification, they can be penalized by the court.
It Can Be a Secret
Filing for bankruptcy carries a stigma that most people would rather avoid. Some people will look at you like you squandered away your money which can carry some negative emotional effects that you just don’t need. But when you file for bankruptcy discharge, you can keep the entire thing private. In fact, it can be just between you, your lawyer and the courts. The only other time you need to discuss it is when you apply for a loan in the future or when you’re asked for your credit report.
Getting a Fresh Start
If you’ve just gotten bogged down in your debts, whether it involves credit card debts, medical bills, or other types of debt, you can get a new start. Sometimes people just get into bad financial situations and there is no feasible way out. In cases like these, bankruptcy may be the best option. You can get some of those huge debts erased and start all over. While there is no guarantee you won’t ever find yourself in financial trouble like this again, you will likely have learned something during the ordeal that you can use to prevent such a financial crisis again.
Have you found yourself with insurmountable debt that you simply cannot pay off? If so, contact Jefferson Hanna III. He is a bankruptcy attorney who understands your financial situation and he can help you get a fresh start. Visit jeffhannalaw.com to find out more.
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