Bankruptcy cannot solve all your financial problems, but there is much to be said about how much stress it can relieve when you feel like you’re being crushed under the weight of financial pressures.
The Benefits of Bankruptcy
First, let’s be clear what bankruptcy cannot do: It can’t instantly make you into a smart spender; it can’t remove certain debts (from divorce, criminal fines, child support, etc.); and if you can’t meet your regular monthly necessities (e.g., mortgage, utilities, etc.), bankruptcy won’t magically make ends meet.
However, in many instances, filing for bankruptcy can be a very relieving and beneficial process. Here are some of the things bankruptcy can do for you:
- discharge debts (credit cards, loans, etc.) and give you a fresh start;
- stop harassing and stressful calls from debt collectors;
- prevent your utilities from being shut off or restore them if they’ve already been terminated;
- stop your home foreclosure and give you time to catch up on payments (or significantly delay the foreclosure);
- prevent your car or other property from being repossessed (and sometimes forcing the creditor to give a repossessed car back to you); and
- eventually improve your credit score after your debt is cleared and you’ve consistently and patiently rebuilt your credit.
The greatest thing bankruptcy can do is remove excess stress. The burden of financial strain can be suffocating. Money problems affect every aspect of your life, from your relationships to your career.
And while bankruptcy is not the solution for every person, it can be a great help for some.
Get Started with a Bankruptcy Attorney in Texas
Learn your legal options and whether bankruptcy may be a viable option for you — contact Warren & Migliaccio. Our discreet, experienced lawyers have guided hundreds of clients to a new, brighter financial path. Contact us today for a FREE consultation at (888) 584-9614.