What are the Benefits of Bankruptcy?
The idea of filing for bankruptcy frequently fills people's minds with dread. There are many myths that exist about the process, making it seem more of a punishment than anything else. In fact, bankruptcy was designed as a tool to help people who are facing an insurmountable financial struggle. The end result of the process is an individual who has eliminated his or her debt and is able to reestablish financial viability.
There are four primary benefits of filing for bankruptcy. They include:
- Automatic Stay - Once you file for Chapter 7 or Chapter 13 bankruptcy, your creditors are barred from taking any further collection action against you, including phone calls, letters, lawsuits, repossessions, or mortgage foreclosures.
- Debt Discharge - Once your bankruptcy is complete, most or all of your debts will be resolved. Even if you have ineligible debts left over, you will likely be in a better position to address them than you were before bankruptcy.
- Catching Up On Past Due Payments - If you file for Chapter 13, you will formulate a creditor payment plan that reorganizes and consolidates your debt. Through this plan, you may be able to pay off back taxes or past due payments on your mortgage.
- Financial Fresh Start - After bankruptcy, your slate will be wiped clean. You will likely be able to apply for limited credit not long after your proceedings have concluded. As your credit rating improves, you will eventually be able to acquire loans for larger items, such as a home or vehicle.
At the Law Offices of Marshall D. Schultz, we are committed to making our clients feel as safe and comfortable as possible while pursuing a resolution to their financial issues. Our experienced staff has helped thousands of individuals successfully file for bankruptcy, giving them the second chance they need to obtain financial health. We are available to answer your questions and file the petition on your behalf, should you decide to proceed.
Contact our legal team at one of our office locations.
50+ Years of Combined Bankruptcy Law Experience
Our attorneys are experienced and knowledgeable in the field of bankruptcy law. Trust a seasoned bankruptcy attorney to handle your case.
Free Initial Consultations
There's no need to pay for a simple conversation! We provide immediate, 100% complimentary consultations to those who are interested in filing with us.
Convenient Office Locations in Southfield & Detroit
We have locations in both Southfield and Detroit for those who want to minimize their commute to visit their nearest office.
Assisted 12,000+ Consumers with Their Debt
Debt affects everyone, rich or poor. We have helped thousands of clients through difficult financial times and we plan on helping thousands more.
Detroit Bankruptcy Blog
Stay updated with recent firm news and legal updates in our bankruptcy blog.Read More
Have questions about filing for bankruptcy? Check out our frequently asked questions for more information.Learn More
Why Hire a Bankruptcy Attorney?
Navigating bankruptcy can be confusing. Learn how hiring an attorney can help!Learn More