People want to know what the advantages of filing bankruptcy are. You most likely feel alone, as if you are the only person in the world dealing with financial and debt problems. Firstly, you are not alone! The truth is that most working-class Americans are barely able to keep themselves financially afloat. Those who are surviving barely do it by the skin of their teeth! Most of us are a mere two or three paychecks away from financial ruin.
Second, hope is here. There are several options available to help you get out of debt and get your life back. For example, a Chapter 7 bankruptcy will wipe out your debt while keeping most if not all of your assets.
Finally, you will be able to rebuild your credit and reach your goals. With this in mind, take charge of your financial health and contact a bankruptcy lawyer in San Diego. The Law Offices of Mark L. Miller has solutions.
What are the advantages of filing bankruptcy?
Filing bankruptcy will have a positive impact on your life, financially, emotionally and mentally, offering a few important benefits.
1. Bankruptcy eliminates stress
According to nationally published statistics, 6 out of 10 Americans cite money as a significant stressor. You deserve a fresh start and financial peace. You may be surprised to learn that our clients feel a huge relief when filing bankruptcy.
Common problems from owing debt include losing sleep, family fighting, pinching pennies and constantly worrying how you can possibly make ends meet. The pressure of weighing debt is unbearable for people. In fact, overwhelming debt is the #1 reason for divorce.
If you are drowning in debt, you are not alone in fighting these financial battles. Bills pile up and you owe a lot of money. Owing debt does not translate to failure. On the contrary, it is very common to owe medical debt, mortgage debt, credit card debt, personal loan debt, student loan debt, tax debt and more.
Specifically, Chapter 7 and Chapter 13 offer a way to wipe out or reorganize your debt. In fact, after filing bankruptcy, our clients go on to purchase homes, buy new cars, get better jobs and finally feel at peace.
2. Bankruptcy allows you to stay away from financial scams
Remember, the wolf is ALWAYS at your door! Many “schemers” offer to settle your debt, or *magically* reduce your bills. Searching for a remedy to your financial problems will unearth offers, schemes, and proposals that are too-good-to-be true. Most, if not all of these offers do not work. Be forewarned, as many of them look legitimate but are, in fact, scams.
These “Credit-Card-Cooperators” are NOT helpful and will often put you in a worse financial position. Anything that looks like a quick/temporary fix is exactly that. Remember that a bankruptcy discharge is entered by a Federal Bankruptcy Court authorized with the power to permanently wipe out your debt. These other companies do not have that ability but will promise you mythical results!
3. You can avoid payday loans that cause more debt
For example, you might find some “quick” financial relief through a Pay-Day Loan or cash advance offer. However these third-party lenders usually leave you repaying a small amount of debt with extremely high interest rates.
We have seen these loans with interest as high as 900+%! That is right, 900% interest! Thus you end up with more debt you simply cannot afford and typically far exceeds the original amount.
4. You don’t have to deal with debt collectors who get paid by making you pay
Also, beware of any credit card company or debt collector that seems to want to help. These companies make money when you are in debt by offering deals that ARE too good to be true!
Frequently, debt collectors are commissioned so they would threaten, scare, pressure and otherwise use whatever tactics they can think of to get you to pay. They would rather keep you in debt forever.
When a credit card company offers to come up with a new payment plan that “works for you,” it is often a scam. Do not be surprised if it only asks for you to pay whatever you accrued in interest.
The rest will remain and build up interest once again. Also look out for the “Roll Into” loan, whereby the bank wants to make a very large loan to cover all the little ones. Shifting around your debt to consolidate payments does NOT reduce the debt!
Filing bankruptcy is the best answer for most people
Bankruptcy is YOUR Constitutional right. Indeed, in a Chapter 7 bankruptcy, people and businesses can wipe out and walk away from all their debt. Alternatively, if you can afford it, a Chapter 13 bankruptcy will consolidate debt and provide affordable payments over time. Oftentimes, a Chapter 13 consolidation is interest-free!
Bankruptcy is used by rich and famous people to organize and streamline debt out of their lives. While the “B” word itself may seem intimidating, set your misled expectations aside and work with an experienced lawyer.
Bankruptcy really means “financial freedom”. At our office, you will always get to meet with an attorney. Our experienced bankruptcy lawyers can explain the procedures, the alternatives and the risks associated with wiping out debt.
Depending on the bankruptcy Chapter, you can eliminate most or all of your debt, or restructure and set up an affordable plan to deal with the bills. Best of all, once your bankruptcy case is filed, the bankruptcy Court automatically “freezes” your bills.
When this happens, no creditors can contact you (no more calls, letters, emails), sue you (no lawsuits), or harass you. The bankruptcy case protects your assets and blocks bill collectors from suing you, continuing collections, garnishments and harassment. No telephone calls at all hours, no wage garnishments, no lawsuits. The collection harassment stops and the freedom begins!
When asking what are the advantages of filing bankruptcy, remember, it is about more than wiping out debt.
Think of it as a cleansing of your past and planning for your future. Once you remove your heavy debt burden you will feel better, think clearer, see opportunities you could not before. Want to learn more about the bankruptcy process and how it can help you escape financial burdens?
Get in touch with the leading bankruptcy lawyers in San Diego
Call or text 619-574-0551 NOW to connect with an experienced San Diego bankruptcy attorney from the Law Offices of Mark L. Miller today. Throughout our extensive practice experience, we have filed and managed more than 12,000 bankruptcy cases on behalf of our clients, earning an impressive history of success along the way.
Send us an email at your first opportunity to learn more about our services and your bankruptcy options. Or, if you’d like to meet us in person, come to our offices for a consultation – we’re right near the Old Town San Diego State Historic Park. We’re here to help you out.