If you have more debts than you can handle or pay for, you know how stressful that feeling can be. Thankfully, there are options to consider to get control of your debts and work towards becoming debt free. One option many consider is filing for bankruptcy. Depending on your specific situation and the amount of debt you have, filing for a bankruptcy Prince George’s County MD may be your best option. Below are some of the advantages of filing for bankruptcy using the help of a reputable lawyer like the one found at rongreeneattorneyatlaw.com.
Discharge Of All Eligible Debts
The main benefit that most hope to achieve when filing for bankruptcy is being able to get some or all of their debts discharged. When a debt is discharged in your bankruptcy case, you will no longer be financially responsible to pay it. The purpose of this is to allow filers the ability to have a fresh start financially and be able to better manage their finances in the future.
Stops Harassment From Debt Collectors
There are many protections that bankruptcy laws offer a debtor. The most instant benefit a filer of bankruptcy will gain is a stop to all of the collection calls from creditors. Once the bankruptcy process has been started, all creditors are no longer able to pursue collection efforts because of the automatic stay laws.
Retain Exempted Property
In most personal bankruptcy cases, a filer will be able to keep some of their exempt property. There are many categories of property included in the exemptions list. Typically, items such as family vehicles, furniture, clothing, insurance policies, pets and more are exempt during a bankruptcy proceeding. State laws outline what can and cannot be exempt during a bankruptcy for the area.
The decision to file for bankruptcy is a major one. It can have a long-lasting impact on the financial aspect of your life. Before you decide to file for bankruptcy, speak with a reputable bankruptcy attorney to weigh your options and find out if you will benefit from the process.