How Does Bankruptcy Benefit Me?

First, keep in mind that bankruptcy was and is a tool created to help individuals and businesses that are in financial crisis. The main benefits of bankruptcy are:

Automatic Stay: The automatic stay in bankruptcy stops creditors from debt collection. Creditor’s harassing phone calls stop, threatening mail ceases, repossessions are stopped, mortgage foreclosures are stopped and law suits as well.
Exemptions: By law, certain exemptions are allowed which means that you may keep personal property outside of creditor’s claims. Types of exempt property are clothing, family heirlooms, furnishings etc. These are just a few examples and are subject to certain monetary or value limits.

Discharge: The discharge is the primary benefit of filing bankruptcy. The discharge wipes away most credit card and medical debt along with many other types of debt. It allows you to start fresh by keeping your future earnings and income for yourself and your family.

The U.S. Census Bureau reports that from 1995-2007 there have been over a million bankruptcy cases filed each year consecutively with recent years reporting over 1.7 million filings! The numbers for the 08-09 years are expected to double those numbers. This shows what a large number of people and businesses exist that are in need of financial help and choose bankruptcy to provide that help!

Although bankruptcy records are public, it is still fairly easy to keep it private. You probably know people who have filed bankruptcy, they just didn’t tell you. It shouldn’t be embarrassing or demeaning. Millions of us need financial rescuing every year and it’s available to those who need it.

Our members section goes into detail on this subject. Subscribe to the Bankruptcy 300 System for full access!

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