Many years ago, the idea of filing bankruptcy was shameful. It meant that you could not pay your debts, and that you would lose your assets in order to have your debt cleared. Filing bankruptcy meant that you couldn’t buy a house or get credit afterwards. Many people assumed that if you filed bankruptcy, your life was over.
That picture of bankruptcy is quite skewed. There actually many benefits to filing bankruptcy, including:
- Many of your unsecured debts are completely cleared
- You can negotiate a reasonable payment plan for the debts that cannot be cleared
- You can still keep many of your valuable assets
- Creditors have to stop harassing you
- Your wages cannot be garnished and your home cannot be foreclosed on
- You have a chance to start over financially with a clean slate
- Over time, you can rebuild your credit and obtain a good credit score
When you are overwhelmed with debt, as many people in the United States are, you simply may not be able to make the payments you need to make in order to pay down your debt and live a debt free life. You may not make enough to afford to care for your family’s basic needs as well as make payments to creditors. By filing bankruptcy, you can start completely over and have more of your money to get the things you and your family need.
Contact the Kalra Law Firm to discuss how bankruptcy can help you live the debt free life you’ve always wanted. Call us today. (310) 325-9012.
