What Are The Benefits of Bankruptcy?

There are four primary benefits to filing for bankruptcy. They include:

Automatic Stay

Once you file for bankruptcy, your creditors are barred from taking any further collection action against you, including phone calls, letters, lawsuits, repossessions or mortgage foreclosures.

Debt Discharge

Once your bankruptcy is complete, most or all of your debts will be resolved. Even if you have ineligible debts left over, you will likely be in a better position to address them than you were before bankruptcy.

Catching Up On Past Due Payments

If you file for Chapter 13, you will formulate a creditor payment plan that reorganizes and consolidates your debt. Through this plan, you may be able to pay off back taxes or past due payments on your mortgage. Financial

Fresh Start

After bankruptcy, your slate will be wiped clean. You will likely be able to apply for limited credit not long after your proceedings have concluded. As your credit rating improves, you will eventually be able to acquire loans for larger items, such as a home or vehicle.

Give us a call at 616-776-0000 to schedule a free consultation to see if you qualify for bankruptcy. Our office is located in Grand Rapids, Michigan, with free parking and barrier free entrance.

Watt Law Firm, P.C.
2951 Thornhills Avenue SE
Grand Rapids MI 49546