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What are the Advantages of Filing for Bankruptcy

Bankruptcy is the best defense for anyone in a dire financial crisis. Even though most people already know that the bankruptcy process can help to alleviate their debt, not many know the details. If you are considering filing for bankruptcy, you need to speak with Stockbridge GA Bankruptcy Attorneys. They can explain the steps you need to follow and how it will affect your current situation.

There are three primary advantages to filing for bankruptcy:

  • The Automatic Stay. An automatic stay is a major advantage for people being harassed by creditors. It puts a halt to any collection attempts on the part of your creditor for the duration of the process. It can stop foreclosure actions, repossessions and even the garnishment of your wages in most situations. The stay is put into place to give clients a chance to relax and get their financial details in order.
  • Protection of property. One of the first things that clients ask their Stockbridge GA Bankruptcy Attorneys is "Can I keep the house?". The answer depends on your specific situation and the type of bankruptcy you will be filing for. For instance, if you are trying to protect your property from an unsecured creditor then there are procedures in place that will let you keep your home, car and personal property in some situations.
  • Discharge of most debts. Most types of unsecured debt can be discharged through the bankruptcy process. Because of this, you will be able to start with a clean financial slate without the constant pressure and harassment of your creditors. Not all debt can be discharged though, so you will need to meet with Stockbridge GA Bankruptcy Attorneys to find out which of your debts can be retired in this way. Types of debt that cannot be discharged through a bankruptcy include spousal support, alimony, government loans, fines and penalties…
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