These 3 Unexpected Benefits of Bankruptcy Might Surprise You
Benefits of bankruptcy can serve as the financial turnaround clients need says Grainger Legal Services
MONTGOMERY, Ala., April 12, 2022 /PRNewswire/ — Filing for bankruptcy is commonly associated with the daunting themes of shame, the end of financial journeys, and the hassle of dealing with financial institutions or creditors.
From frozen bank accounts to declining credit scores, the consequences of bankruptcy can make assessing any form of credit a daunting task.
Why Filing for Bankruptcy Can Be a Good Thing
Charles Graingerbankruptcy attorney at Grainger Legal Services, says bankruptcy may be the best debt repayment option depending on the financial situation, especially when the amount of debt exceeds the debtor’s total assets.
“Individuals or businesses contemplating bankruptcy should weigh the pros and cons and assess aspects of the case such as the period required to pay off the entire debt,” Grainger said. He continues, “Depending on your case, bankruptcy may allow you to avoid foreclosure and restructure your debt, helping you move forward.”
Bankruptcy Can serve like a new beginning
Once those filing for bankruptcy get past the negative perceptions of bankruptcy, they realize it can be a good option.
It helps individuals gain perspective on their financial journey and how they can better align with their goals. With the experience and knowledge a debtor can gain from the case, they have the opportunity to restructure their finances and better achieve their long-term financial goals.
Bankruptcy reduces the pressure of creditors on the debtor
Before declaring bankruptcy, a debtor may face an immeasurable amount of pressure and harassment from creditors.
Once a debtor has declared bankruptcy, discussions regarding the debts take place between the trustee in bankruptcy and the creditors. This aspect allows a bankrupt person to take a step back to participate in the process, without being pressured by creditors. This allows them to focus on life and plan for their future.
Get a better view of the current financial situation
Grainger says that with the help of legal counsel, debtors can gain the perspective they need to take advantage of bankruptcy options and get out of debt.
“Bankruptcy doesn’t mean defeat. You can use it to develop a practical strategy for repaying your debt, assuring your creditors that you can meet their demands, and giving yourself time to reevaluate your resources while protecting your assets. .” said Grainger.
“Bankruptcy is a powerful tool with which debtors can eliminate their debts and achieve financial freedom.”
About Grainger Legal Services
Grainger Legal assesses the financial situation of small businesses and individuals, proposing sustainable solutions for debt relief. Grainger Legal draws on its experience in resolving numerous bankruptcy cases, including Chapter 7 and 13 bankruptcy, working with clients in the South Central Alabama. Warning: No representation is made that the quality of legal services to be performed by this attorney is better than the quality of legal services to be performed by other attorneys.
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SOURCE Grainger Legal Services