By: Darrell Castle

Despite popular belief, bankruptcy benefits more than just the person filing.

And no, I’m not talking about the attorney! Bankruptcy can benefit the creditors and society as a whole.

Let’s take Chapter 13 bankruptcy for example.

By filing for Chapter 13 bankruptcy, you can lump your debts into an AFFORDABLE 3-5 year repayment plan.

Chapter 13 is especially beneficial if you’re behind on your house or car payment as it allows you to keep your property, which is one of the benefits for the debtor along with getting out of debt.

But it’s also beneficial for you (the debtor) because, again, it’s an AFFORDABLE payment plan. Many times, you’re only paying a fraction of your debt back which creates more cash flow to pay your bills and meet your everyday needs. This is a big advantage.

Also in Chapter 13 bankruptcy, all of the creditors are being paid! Everyone is happy. Sure, they may not be getting all of the money they were owed, but they’re getting something. And something is more than the nothing they were receiving due to your inability to pay your bills.

And then, once the bankruptcy is complete, you’re free of that debt and a benefit to society. You’re now going out and buying things around town and paying sales tax on each item. Before the bankruptcy, you may not have been able to do that, therefore not helping the economy.

All of the benefits hold true for Chapter 7 bankruptcy with the exception of the creditors getting paid. By filing for Chapter 7 bankruptcy, you’re saying “I can’t pay my bills.”

But it’s easy to see that bankruptcy is a good thing for the people who need it. No one wants to be in uncontrollable debt. However, unexpected events like a sudden job loss or a medical emergency that you weren’t financially prepared for can put you in debt. You don’t have to live your life enslaved to that debt, but can instead file for bankruptcy to rid yourself of it and again become a contributing member of society.

If you’re struggling financially and want to talk to someone about your options, our FREE financial consultation is perfect for you. One of our experienced attorneys will sit with you, look over your finances, hear your story and discuss your best options with you moving forward.

At the very least, you’ll get an honest look at your finances, free of charge.

Call (901) 327-2100 today to schedule your appointment or fill out one of the contact forms on this page to have someone contact YOU.