Choosing to file for bankruptcy is not easy. It is a serious financial decision, but it may also be the best decision. Bankruptcy is a powerful financial tool that can give you a debt-free fresh start. The impacts of filing for bankruptcy are vast. Of course some of these impacts are negative, though you may be surprised to find how many impacts of bankruptcy are positive.
Bankruptcy Ends Your Financial Struggle
Bankruptcy erases credit card debts, medical debts, and other types of debt.
Imagine waking up knowing that your credit card and medical debt are a thing of the past. Your phone no longer buzzes with collection calls. Your mail box is no longer stuffed with past due notices.
When you’re no longer living under a massive amount of debt, you can really start anew. The monthly payments you were making toward credit cards or medical bills are now freed up. You can redirect that money to creating an emergency fund, building a retirement account, and making wise financial choices for your family’s future.
Gaining a fresh financial start — that is one powerful impact.
Collection Phone Calls Will Stop
As soon as you file for bankruptcy, all collection action against you must stop.
The automatic stay puts an end to collection phone calls, a mailbox stuffed with overdue bills, law suits, wage garnishments, and any other debt collection action against you. The automatic stay is powerful.
Bankruptcy Law Protects Many of Your Belongings and Assets
The truth is most people who file for bankruptcy get to keep most or all of their personal belongings.
The U.S. Bankruptcy Code, as well as the state of Georgia, provides for you to keep property, assets, and other belongings valued up to a certain dollar amount through exemptions that can be used in Chapter 7 or 13 bankruptcies. Property that is protected in bankruptcy is known as “exempt property.” You get to keep exempt property if its value does not exceed a certain dollar amount.
View a full list of Georgia exemptions here.
The Impacts of Filing for Bankruptcy
Erasing debt, halting all collection action, and protecting your belongings from creditors are just a few of the powerful and positive impacts bankruptcy offers. Bankruptcy can also erase certain older tax debts, give you the opportunity to catch up on missed mortgage or car payments, and can even lien strip away an underwater second mortgage.
Is Bankruptcy the Right Solution for Me?
We’re committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.