Why File Bankruptcy?
Posted By
Majed on Jun 22, 2011 7:00am PDT
There are several benefits to filing bankruptcy for a fresh financial start. Bankruptcy is a legal process. What the court says goes. This means that once a court has made a decision that you are no longer legally obligated to pay a debt, a creditor that attempts to continue debt collection could face sanctions from the court. Bankruptcy is flexible. If you are able to pay some, but not all, of your debt you can set up a payment plan with your creditors and even restructure contracts and lower interest rates with Chapter 13. If you are not deemed eligible to make payments, you will be able to file for a straight liquidation through Chapter 7.
Interested in finding out how you can benefit from filing bankruptcy? Contact the Fears | Nachawati Law Firm today.