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What are the benefits of filing for bankruptcy?

Bankruptcy means a fresh start. From the date you file, all legally dischargeable debts are discharged, which means you don’t have to pay them and the creditor can’t collect. The benefit of bankruptcy is that it removes many of your financial burdens, which can be particularly beneficial while you are dealing with another issue (medical problems, job search, etc.).

There are certain kinds of debts that aren’t dischargeable, but the majority relating to peoples’ financial problems are dischargeable.

The next benefit is that if your wages are being garnished for a debt, and they’re taking a considerable amount of money out of your paycheck, bankruptcy stops that. Creditors have to stop garnishments and collection calls. They must deal only with your attorney. The fact that overzealous creditors or debt collection agencies are not allowed to bother you anymore can give you some peace of mind and the ability to relax.

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