Bankruptcy’s Impact On Your Finances

When people think “bankruptcy” they often “broke”. While financial insolvency is part of the path that leads to bankruptcy, the term “broke” implies a hopeless situation. The bankruptcy process is actually quite opposite. It can provide you with a fresh start towards a brighter financial future.

Repair and Rebuild

Financial hardship strikes the best of us, often for reasons beyond our control. Filing for bankruptcy can help you take back control by:

Stop credit collections – Once your Tampa bankruptcy attorney files your petition the automatic stay order is issued, prohibiting further collection actions. Creditors cannot seize assets or make collection attempts while you are in bankruptcy or after eligible debts are discharged.

Halt a foreclosure – The ability to halt an active foreclosure is a great benefit of the bankruptcy foreclosure. Unlike other foreclosure solutions, only bankruptcy can provide a legal protection order of your home while you work to resolve your debts. Bankruptcy can even strip away second mortgages, liens or penalty fees while you arrange a payment plan to get caught up on missed payments.

Eliminate debt – Medical bills, credit card bills, utility or other unsecured debts are all easily eliminated in bankruptcy; freeing up disposable income you can put into savings or other money management strategy. Removing high balances immediately puts you in a position to make ends meet and provide what is needed for your family.

Erase negative credit history -Contrary to popular misconceptions, eliminating debts in bankruptcy actually improves your credit. Once high balances, missed payment histories and delinquent account standings are removed you are free to rewrite a positive credit history for yourself. Most people actually see a significant improvement to their credit score following a discharge.

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