Benefits Of Bankruptcy

Benefits of bankruptcy

Why choose bankruptcy? For many, the benefits far outweigh any downsides. Despite the negative rumors you may hear in the media and from friends, bankruptcy can be a powerful tool for obtaining financial recovery.

A Fresh Start On The Road To Financial Health And Stability

Bankruptcy is all about reorganizing your debt, making it more realistic and, ultimately, permanently eliminating unpaid debts. Depending on the particulars of your situation, bankruptcy can allow you to:

  • Save your home. You may be able to stay in your home and even lower your monthly payments through a Chapter 13 loan modification.
  • Eliminate second mortgages and home equity loans. If your first mortgage is underwater, you can strip the second mortgage — that is, incorporate it into your Chapter 13 repayment plan and eliminate the unpaid portion.
  • Strip HOA Liens. If you have a lien on your home due to unpaid homeowners association fees, you can potentially eliminate the lien without having to pay it all off.
  • Halt foreclosure. Filing bankruptcy will impose an "automatic stay" on foreclosure proceedings, which means they will immediately halt.
  • Stop repossession. Filing bankruptcy will also automatically cease any repossession efforts.
  • End wage garnishment. Filing bankruptcy will automatically halt wage garnishment.
  • Keep your car. If you owe more on your car than it's worth, you can "cram down" the loan — which means you will only owe the amount it's currently worth. You can also lower the interest rate to 5.25 percent.
  • Stop creditor harassment. Creditors can no longer contact you or your co-signers.
  • Rebuild your credit. Contrary to popular belief, bankruptcy is not a death sentence for your credit. In fact, filing bankruptcy is often the first step toward rebuilding your credit.

These are just some of the benefits of bankruptcy that creditors don't want you to know about.

Learn How Our Fort Lauderdale Lien Stripping Attorneys Can Help

Don't wait to take the first step toward financial freedom. To learn more, contact the Florida bankruptcy lawyers at the Bankruptcy Law Firm of Clare Casas. Call us at 954-327-5700 or contact us online.

We offer free, no-strings-attached initial consultations so you can get to know us before hiring a lawyer. For your convenience, we are open evenings and Saturdays.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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