Bankruptcy

These 3 Unexpected Benefits of Bankruptcy Might Surprise You

MONTGOMERY, AL, April 12, 2022 /24-7 PressRelease/ — Filing for bankruptcy is commonly associated with daunting themes of shame, the end of financial journeys, and the hassle of dealing with financial institutions or creditors.

From frozen bank accounts to declining credit scores, the consequences of bankruptcy can make assessing any form of credit a daunting task.

Why Filing for Bankruptcy Can Be a Good Thing
Charles Grainger, bankruptcy attorney at Grainger Legal Services, says bankruptcy may be the best debt repayment option depending on the financial situation, especially when the amount of debt exceeds the debtor’s total assets.

“Individuals or businesses contemplating bankruptcy must weigh the pros and cons and assess aspects of the case, such as the time period required to repay all debt,” Grainger says. He continues, “Depending on your circumstances, bankruptcy can help you avoid foreclosure and restructure your debt, helping you move forward.

Bankruptcy can serve as a fresh start
Once those filing for bankruptcy get past the negative perceptions of bankruptcy, they realize it can be a good option.

It helps individuals gain perspective on their financial journey and how they can better align with their goals. With the experience and knowledge a debtor can gain from the case, they have the opportunity to restructure their finances and better achieve their long-term financial goals.

Bankruptcy reduces the pressure of creditors on the debtor
Before declaring bankruptcy, a debtor may face an immeasurable amount of pressure and harassment from creditors.

Once a debtor has declared bankruptcy, discussions regarding the debts take place between the trustee in bankruptcy and the creditors. This aspect allows a bankrupt person to take a step back to participate in the process, without being pressured by creditors. This allows them to focus on life and plan for their future.

Get a better view of the current financial situation
Grainger says that with the help of legal counsel, debtors can gain the perspective they need to take advantage of bankruptcy options and get out of debt.

“Bankruptcy does not mean defeat. You can use it to develop a workable strategy to pay off your debt, assure your creditors that you can meet their demands, and give yourself time to reassess your resources while protecting your assets. said Grainger.

“Bankruptcy is a powerful tool with which debtors can eliminate their debts and achieve financial freedom.”

About Grainger Legal Services
Grainger Legal assesses the financial situation of small businesses and individuals, proposing sustainable solutions for debt relief. Grainger Legal draws on its experience in resolving numerous bankruptcy cases, including Chapter 7 and 13 bankruptcy, working with clients in South Central Alabama. Disclaimer: No representation is made that the quality of legal services to be provided by this attorney is better than the quality of legal services to be provided by other attorneys.


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