The Benefits of Bankruptcy for Everyone
Bankruptcy not only benefits the person trying to get out of debt, but it benefits society as a whole.
When you’re behind on your bills and in debt, you think about and focus on how you’re going to get out of the hole. Your income and energy goes towards the debt, to the point of stress and worry. You may have to sacrifice payments of other bills. And you may not be able to go out or spend money around town. The debt keeps you from paying sales tax or buying goods and services.
In comes bankruptcy – a resource for getting out of that debt. As a federal law designed by the government, bankruptcy helps people get relief from their debt. The law exists in part because of how much it helps everyone to give debtors a way out.
How Bankruptcy Helps
By filing for bankruptcy, you discharge your dischargeable debt through a Chapter 7 bankruptcy or lump your debts into an affordable repayment plan through a Chapter 13 bankruptcy. You can discuss with your attorney which chapter is best for you based on what debt you have and what you want to accomplish.
But either way, once the bankruptcy is complete, you’re free of that debt. You have a fresh start. This creates a good opportunity to re-establish and rebuild your finances, including your credit score, by spending the right way.
With the debt out of the way, you can help the economy and become a productive member of society again. You can invest in groceries, clothes, school supplies, gasoline, and other daily needs. Whatever your situation, you now have the resources to go out and spend wisely.
How Our Memphis Bankruptcy Firm Can Help
There are many advantages to bankruptcy, both for individuals and for society as a whole.
If you’re considering bankruptcy but still have concerns, contact our Memphis bankruptcy firm. We offer a free consultation where we can answer all your questions and help you make a wise decision about how to move forward.
Call (901) 327-2100 today to speak with an attorney or fill out the contact form on this page to have someone from our office contact you.