Many people realize that they have to file bankruptcy or know that it’s in their near future, but most of them never realize what problems filing Chapter 7 bankruptcy will actually sell for them. Here we will discuss the benefits of filing for Chapter 7 bankruptcy and in some situations Chapter 13 bankruptcy, even though financially speaking Chapter 7 bankruptcy is usually the best bet for most people.
Benefits of Filing for Bankruptcy in Fall River
Get out from under debt. This might seem obvious, but many people don’t realize the benefit of getting out from under debt. When someone is facing bankruptcy, they wake up thinking about their debt and they go to sleep thinking about their debt, and most of the time in between is, you guessed it thinking about their debt. The psychological ramifications of no longer having all that debt hanging over you have a benefit that simply explaining in mere words will never describe. Once that weight is no longer on your shoulders, the psychological benefits to them being removed can simply not be explained in words.
Get a fresh start on your financial life. Most people can’t see the light at the end of the tunnel, but this certainly is for those who are filing bankruptcy. Imagine all the financial problems that you have right now, suddenly behind you and you are able to start moving forward in your life in a positive manner. This means not spending a new another dime on paying a debt that you will not owe after filing for bankruptcy. This means no longer worrying about that debt and having the fresh mental attitude of a new stint on life. The vast majority of the benefits to filing bankruptcy are financial, but second, most are the psychological benefits of being able to move on in your life with a fresh start.
Stop harassing calls and mailings from debt collectors. Some people may think that this should be placed at number one of the problems that will be solved by filing for bankruptcy, but I placed it at number three. Most of the psychological damage that happens to many people who are facing bankruptcy are the harassing telephone calls and the mail of debt collectors. These people may seem to have no soul and wish to personally punish you, even though you don’t owe money directly to them. But it certainly feels like you owe money to them, and they’re contacting you. But once you file for Chapter 7 or Chapter 13 bankruptcy, the automatic stay of bankruptcy takes effect and all creditors must stop contacting you in any way shape and form. This is another huge psychological benefit, because once the day you file bankruptcy, the debt collectors can no longer contact you and if they do you can simply throw it in their face that you file bankruptcy and they no longer can contact you in any way shape or form at this point you can even just tell them to go to hell, and just saying that for most people will be the one thing that makes bankruptcy completely worth it.
Joseph F. Botelho, Esq.
BOTELHO LAW GROUP
Attorneys At Law
901 Eastern Ave.
Fall River, MA 02723