Bankruptcy’s Many Benefits

advantages of bankruptcy

Bankruptcy allows people to get relief from debts they can’t pay back. Whether you have medical bills, credit card debt, or need to keep your house or car, this powerful law offers a variety of options to help.

Many people try other solutions before bankruptcy. But debt settlement programs can fall apart because they aren’t legally binding. And other options like refinancing, if you can get it, may not solve the whole problem.

Unlike private debt consolidation firms, bankruptcy comes with the force of federal law. So the creditors have to abide by it, whether they like it or not.

It stops foreclosure and repossession, puts an immediate end to wage garnishment, and can wipe the slate clean on medical bills and credit card debt. It removes creditors from your life, so they have to stop contacting you. And it offers peace of mind after months and years of frustration.

The Advantages of Bankruptcy for You Personally

Our Memphis bankruptcy attorneys have seen thousands of people helped through bankruptcy. Since each situation is unique, here are a few examples of the ways we’ve seen bankruptcy change people’s lives:

  • A child able to stay in her school district because bankruptcy stopped foreclosure.
  • Couples able to rebuild their marriages after financial strain caused distance and pain.
  • Cancer survivors able to focus on rebuilding their lives instead of mountains of medical bills.
  • And parents able to provide for their family after stopping repossession on the car they use for work.

So while you may feel like bankruptcy is a last resort, it can actually be the very best option.

If you’re thinking about bankruptcy, let us answer your questions and help you get started. Contact us online today or call 901-327-2100. The conversation is totally free.