There are several advantages to filing for bankruptcy. By far the most important advantage is that debtors may obtain a fresh financial start.
Here is a list of the possible benefits that bankruptcy can bring:
- Allows for the "discharge" of most, if not all of your debts. This means that you are no longer legally obligated to pay the debts.
- Prevents property from being repossessed, or it may require creditors to return property that was repossessed.
- Stops the collection process. This means that creditors must stop attempting to collect on the debts.
- Prevents you from having your utilities cut off, or if they are cut off, requires the utility company to restore service.
- Stops/Prevents wage garnishment.
- Halts the foreclosure process and gives you time to catch up on payments. This means you will not necessarily lose your house or mobile home.
- Gives you the opportunity to dispute false claims from creditors who may be trying to collect more than what it owed to them.
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