Considering bankruptcy, but not too sure if you should take the leap? Below are the five top reasons to file bankruptcy today.
- Protect your assets. Even if you don’t own luxury vehicles and heirlooms, you have assets—income from a job, a car you need to get to work, and some cash stashed away for emergencies. If you’re unable to pay your debts, creditors will eventually turn to the courts to recover the money they’re owed. Unfortunately, without bankruptcy, your assets may be at risk. Through the courts, creditors can gain the power to garnish your wages and levy your bank accounts. Filing bankruptcy stops these creditor asset grabs.
- Stop creditor harassment. If you’re drowning in debt, you’re probably also drowning in creditor calls. Filing bankruptcy stops creditor collections calls, immediately giving you the peace of mind you need.
- Eliminate medical debt. One of the most common reasons that people fall on hard times is medical debt. Even if you work a decent job, paying a $300,000 hospital bill is almost impossible. Don’t ruin your financial life by ignoring this debt, file bankruptcy and get immediate relief.
- Reduce tax liability. If you’ve suffered loss of employment or other financial disasters, then you’ve probably fallen behind on your taxes. While bankruptcy can’t eliminate recent taxes, under certain circumstances it can eliminate older taxes.
- Keep your home. Bankruptcy can stop foreclosure and help you keep your home. Depending on your case, you may be able to strip off a second or third mortgage, catch up on delinquent mortgage payments, and stop foreclosure so that you can stay in your home.
No matter what your reason is for filing bankruptcy, eliminating your debts will give you the fresh financial start you need.