Thursday, June 24, 2010

What are the advantages of Bankruptcy?


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:
  1. 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.
  2. Prevents property from being repossessed, or it may require creditors to return property that was repossessed.
  3. Stops the collection process. This means that creditors must stop attempting to collect on the debts.
  4. Prevents you from having your utilities cut off, or if they are cut off, requires the utility company to restore service.
  5. Stops/Prevents wage garnishment.
  6. 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.
  7. Gives you the opportunity to dispute false claims from creditors who may be trying to collect more than what it owed to them.
Dunne Law Offices, P.C.

1500 John F Kennedy Boulevard Suite #200

Philadelphia, PA 19102

(215) 854-6342 (Office)

http://www.dunnelawoffice.com

http://www.dunnelawoffices.com

http://www.thephiladelphiabankruptcyattorney.com

http://www.bestphiladelphiabankruptcyattorney.com