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Bankruptcy benefits you should consider

| Jan 2, 2018 | Bankruptcy

You may think you have hit rock bottom if you are contemplating bankruptcy in Greenville. However, it can offer you a way out of the nightmare you have had to endure ever since you lost your job several months ago. As bleak as your financial situation may seem right now, it is not the end of the world. Your current position can help you do what you have struggled to do, which is get your debts under control.

Bankruptcy is a solution that is not suitable for everyone. You should carefully weigh the advantages and disadvantages before you file. Here is a brief overview of the benefits of bankruptcy.

Alleviates the stress

As someone who has been struggling to get caught up on your bills for the last several months, you are no stranger to the stress and hardship debt often brings. Once you file for bankruptcy, you no longer have to worry about the endless calls, bill notices and aggressive collection tactics from your creditors. You can direct all contact with them to your attorney.

Stops the clock on interest and penalties

Bankruptcy often stops the clock on the collection of your debts. Depending on which type of bankruptcy you file for, your creditors must work with the courts to resolve your outstanding financial obligations. They cannot charge interest, sell your debts to another collector or engage in any practice that increases the amount you owe.

One requirement of bankruptcy is you must take financial education classes. It is not always major life events, such as the loss of a job, that causes one to end up in dire financial straits. It is often a combination of factors like job loss, medical treatment and poor money management that make it challenging for many people to handle their debts. By fulfilling the financial education requirement, you can identify potentially bad habits you have and develop better ones to help you avoid this type of financial situation in the future.

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