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Possible benefits of seeking debt relief via bankruptcy

On Behalf of | Apr 9, 2024 | Bankruptcy

The process of choosing a path with which to seek relief from the burdens of debt can be stressful and intimidating. While bankruptcy could be just the tool to help provide much-needed debt relief during times of financial strain, some may have reservations about making such a major life decision. By evaluating some of the benefits involved with seeking relief via bankruptcy, individuals in Ohio who face such challenges could feel better prepared to make informed decisions about their situations. 

The possible benefits 

While one possible benefit of bankruptcy could involve the possibility of reducing or eliminating one’s debts, this may be far from the only advantage involved. For instance, those who face high levels of debt may experience constant phone calls and letters from creditors. When a person files for bankruptcy, the automatic stay might kick in and protect against creditor interactions. 

The automatic stay could also help protect against issues such as wage garnishment and home foreclosure. The bankruptcy process may also help prevent creditors from filing further legal actions against a debtor. Even in Chapter 7 bankruptcy, which calls for liquidation, a person may still be able to keep possession of many or most of his or her things. By reducing or eliminating debts via similar paths, one may also be in a better position to build a healthier financial future.  

Is bankruptcy the best path available? 

While there could be various benefits involved with seeking debt relief via bankruptcy, that doesn’t mean that this is always the best path available. Those who remain uncertain of the best course of action to take might consider speaking with a bankruptcy attorney for guidance in thoroughly evaluating their options. An attorney can help a client prepare to make informed choices about his or her financial situation and help create a strategy with which to seek much-needed debt relief via the appropriate paths.