3 Reasons Declaring Bankruptcy Can Help

: Reese Baker & Associates

  Filed under: Filing bankruptcy

bankruptcyThe idea of filing for bankruptcy can be scary, especially when your home or business is at stake. So is it really as bad as it seems? Texas bankruptcy attorneys don’t think so. There are definite pros to filing bankruptcy over attempting to keep yourself afloat longer than you should. Here are three important reasons that filing with a bankruptcy attorney isn’t as bad as people would have you believe.

No More Collectors

Once you talk to a bankruptcy attorney and file for either chapter 7 or chapter 13 bankruptcy, depending on your situation, there will be no more calls from collectors or creditors haunting your every step. The constant reminder of the situation can make it difficult to keep thoughts and actions moving forward as they should. Bankruptcy puts a stop to this and allows you the peace of mind you need to get back on track with your debt.

Get Started Rebuilding Credit

It can seem like the debt will never stop piling up once it’s there. Getting a bankruptcy attorney to help you declare alleviates the current debt and allows you to start rebuilding your credit from the beginning. And, if there is another problem that will cause even more mounting debts, your bankruptcy claim may be altered to accommodate for these changes, keeping you from further harm.

Prevents Garnishment of Wages

If you refuse to go to a bankruptcy attorney about your debts, you could be setting yourself up for a garnishment of wages. So, even if you attempt to prevent your bank account from being depleted by the debts, it can still happen. Once you declare yourself as bankrupt, though, you get to keep the wages you earn and stop companies from taking what’s needed for living expenses.

In short, declaring bankruptcy may seem complicated and daunting, but the reality is that it could be the best decision to get you  back on track.