Are you fearful that when you file for bankruptcy, it will damage their credit score, it will be a challenge to rent an apartment, banks will deny them from opening accounts with them, the landlord will evict them, and they will lose the assets they pledged as collateral? The advantages of filing for bankruptcy will get rid of the fear in you.
When you file for bankruptcy you will pay less than you owe. Filling for bankruptcy is an honest and straightforward way of asking the creditors to negotiate with you and allow you to pay the much that you can after agreeing with them to write off the debt when you make the payment.
Filing for bankruptcy will help you to get protection from the court against being pursued by most of your creditors. The court will offer you significant protection from wage garnishments, foreclosures, lawsuits, and repossessions of the company’s assets by creditors.
This is a brilliant way of buying time as you find ways of getting money to pay the creditors. The court does not give you the power not to pay the creditors, but it protects you for a while o that you can find money to pay the debts.It is hectic when you are under pressure to pay a debt while the creditor is always on your neck, especially when the debt collectors are involved because you need peace of mind to figure out where to get the money.
You will be able to pay debts or loans using assets that you gave out as collateral when you file for bankruptcy. A sole proprietor can pay credit or debit card loans, medical bills, personal loans, utility debt, and more using personal assets. Although you will lose your property you will have solved one problem by getting creditors off your back.
If you have found a way of raising money using the assets that you have there is no need to let the creditors have them when you can file for bankruptcy to bar foreclosure or repossession. You do not have to start your business from scratch even when you are facing so many debts.
Do not give everything to the creditors because you need to survive and things like furniture, clothing, your modest car, some equity in your home, and your retirement account are necessary until you are back onto your feet. File for bankruptcy to prevent the creditors from possessing these vital assets that you need for survival.
Stop a pending eviction from your landlord for a while as you look for a place for your family by filing for bankruptcy. You can prevent the sadness and shame getting evicted unprepared.