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The short and long-term benefits of bankruptcy

There are many uncertainties in life. Even when things seem to be going well, it doesn't take much for it all to change, particularly where finances are concerned. The inability to pay bills could lead to a great sense of anxiety and make it difficult to face each day. Though it may not seem like it, you do have options available to address the issue. Depending on your circumstances bankruptcy may be a route to relief not only in the long term, but the short term as well.

The long-term effect of bankruptcy

Bankruptcy is a process made available by the federal government to help people who find themselves experiencing financial difficulty, move on with life. Your specific situation will determine which chapter you file under. While Chapter 7 results in the discharge of all qualifying debt, Chapter 13 involves the creation of a repayment plan. In either situation the outcome of a successful bankruptcy is that you will be set on a path for a positive financial future.

The short-term benefits of bankruptcy

It is important to recognize that there are benefits to filing for bankruptcy that kick in virtually immediately, as well. Upon filing, an automatic stay takes effect. This stay does several things.

First, it stops the harassing phone calls you may be receiving from creditors seeking to recoup money owed. This alone can have a huge impact on the quality of your life.

Second, it stops entities from trying to take things from you. For example, wage garnishments will be stopped.

Last, it can keep you from having to move. Whether you are facing eviction or foreclosure, the automatic stay will halt those proceedings.

Get help

You don't have face this process on your own. A bankruptcy lawyer can help you determine the best approach and guide you through the process.

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