Michael J. Logan, Ltd.

3 benefits of filing for bankruptcy

Every year, millions of American consumers get in over their heads when it comes to debt. While many often associate bankruptcy with spending more money than you have, the reality is that there are many reasons that overwhelming debt may be an issue.

If you have lost a job, been diagnosed with an illness or been through a divorce that set you back financially, bankruptcy may be a viable option for obtaining a fresh start for your financial future. For those who are considering filing for bankruptcy, there are several benefits to consider.

1. Eliminate debt or pay it back

Depending on the type of bankruptcy you file, you may be able to completely eliminate your debts or come up with a plan to repay them that you can actually afford. Either way, you move yourself into a position to feel as if you are making a dent in what you owe to creditors.

2. Receive protection from creditors

If you cannot stay ahead of your bills, you have probably suffered some type of harassment from a creditor. Under federal law, you are protected from any action taken by a creditor while you are filing for bankruptcy. This means that creditors cannot garnish your wages, foreclose on your home or repossess any of your belongings.

3. Have a chance to keep your possessions

Some types of bankruptcy require that you give up the things you owe money for, while others will help you come up with a payment plan that allows you to keep the things that are most important to you. This can include your house or vehicle, taking a huge weight off your shoulders.

The different types of bankruptcy

If you are drowning in suffocating debt and see no end in sight, bankruptcy may be just the answer for you. To determine which type of bankruptcy would work best for you, you may benefit from meeting with a qualified attorney to discuss your situation.

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