8 Reasons to File Bankruptcy
Bankruptcy may not be the first debt relief solution you consider, but knowing that it is an option certainly provides comfort to many people who are drowning in debt and looking for a way out. It is a good idea to set up a consultation with a bankruptcy lawyer Pittsburgh to learn more about this solution if other options have failed. Read below to learn eight reasons bankruptcy isn’t as bad as you might assume.
1. Chapter 7 and Chapter 13 are the two most popular types of bankruptcy, each offering pros and cons the lawyer will help you learn more about.
2. Bankruptcy actually teaches you how to avoid debt in the future, thanks to a pre-bankruptcy credit counseling course that you’re required to complete.
3. With declaration of bankruptcy, you get a fresh financial start.
4. It is possible for you to still get credit once you filed for bankruptcy, despite what many people will tell you. Lenders will offer you credit because they know that you cannot file bankruptcy a second time and are more willing to work with you in such a situation.
5. Bankruptcy can help you avoid getting a vehicle repossessed or your home foreclosed upon. This is, in fact, a common reason people file for bankruptcy protection.
6. You enjoy peace of mind when creditors are calling all day long and the mail box is not filled with demand letters and threats of action.
7. Bankruptcy works for everyone, even when past solutions have failed. A judge must approve the bankruptcy but this shouldn’t be too big of a concern when an attorney is there to help prepare the case.
8. Thousands of people use the service annually and are thankful that the solution was there to help them get out of debt when nothing else helped.