Bankruptcy is often considered the last resort for Silver Spring residents who file for the relief, however there are certainly a number of benefits of taking this action. For many it is the only option available to help stop finances from spiraling out of control. Rather than think negatively about the process, think of it as a fresh start. Here are a few benefits of filing for bankruptcy in the Silver Spring area.
Eliminate Calls from Creditors
If your phone begins ringing in the morning and doesn’t stop until you go to bed, bankruptcy can help eliminate those annoying calls from creditors. You are certainly aware that you owe money, but what is there to do when this money is unavailable? The calls only add to the stress and frustrations that you are feeling. Once you file, calls are eliminated and you can breathe a sigh of relief.
Dissolve or Reduce Debts
There are a couple of types of bankruptcy to choose from in Silver Spring, including the two most popular- Chapter 13 and Chapter 7. A Chapter 13 filing will reduce the amount of money that is owed, allowing you to combine all of your debts into one payment that is affordable to your budget. Chapter 11 filing eliminates most debts that are owed, with the exception of child support, student loans, and similar debts. An attorney can help you determine which type of bankruptcy is best for you.
When you decide to file for bankruptcy it is necessary that you first complete a debt class in the Silver Spring area before heading to court. This class is designed to not only inform you of bankruptcy and what it means to your life but also to offer tips, advice and guidance on managing your finances in the future. Such a class can teach you a great deal and ensure that you never face such a decision in your life again.
It is a hard way to learn a lesson, however, after you’ve filed for bankruptcy you can start your financial life in Silver Spring with a fresh start. You now understand the severity of allowing your finances to get out of control and can maintain a positive financial situation in the future.
Bankruptcy is never something that we want, however there is hope in knowing that there are still benefits for Silver Spring residents who do choose to file.
The Law office of Goren, Wolff and Orenstein is a Silver Spring law firm specializing in bankruptcy. Your call to the office can help you discover the benefits above as well as many others you never knew existed.