Over 1.5 million people filed for bankruptcy in Federal Courts across the United States in 2010. There is no longer stigma attached to filing for bankruptcy and the consequences are manageable too. However, you should let experienced attorneys from Naples, FL, handle your case to gain the benefits that bankruptcy offers. Bankruptcy defines the legal status of a person or an organization that can no longer repay its creditors. It is always better to file for bankruptcy before a petition is made against the business or an individual debtor.
Attorneys, Naples, FL: Top 3 Advantages of Filing for Bankruptcy
Only months after filing for bankruptcy experienced attorneys in Naples, FL, can help you reestablish your credit rating. Given below are some more benefits.
- Bills away: A Chapter 13 bankruptcy plan can help you eliminate most, if not all, of your credit card debt, old medical bills and other unsecured debts. It helps you get a handle on the debt you may have incurred. Chapter 13 Bankruptcy creates an affordable payment plan, in which a period of 3 to 5 years is given to you, so that you may make monthly payments to the bankruptcy court.
- Creditors: Once you have filed for bankruptcy, no creditor can try to collect what you owe them, or even talk to you about it. The collection must immediately cease, pending the outcome of the bankruptcy petition. If you hire attorneys in Naples, FL, the creditors must then contact your attorneys directly. However, in case you don’t, the creditors are still allowed to contact you even after filing a bankruptcy petition. Two key legal protections that are offered while filing personal bankruptcy is the automatic stay and the debt discharged. Both are to protect you from creditors and end your legal obligation to pay them.
- Credit Score: A bankruptcy will not help your score immediately, but since the bills that were not getting paid will be gone, you can rebuild your credit quickly. It allows you to start over from scratch without the burden of debt. Late payments have the biggest effect on your credit score.
The greatest benefit of filing for bankruptcy may well be the psychological upliftment you feel. Once the burden of bills, creditors and an overwhelming debt is lifted off your shoulders, with the help of experienced attorneys in Naples, FL, you get a fresh start. It is a chance to start over from scratch and do it better. You get your dignity back and it affects your entire outlook on life. Make sure you take up the opportunity of a free case review/consultation with an experienced bankruptcy law firm to reap all these benefits.
