Five Benefits of Bankruptcy. Stockton Bankruptcy Lawyers

Five Benefits of Bankruptcy – Stockton, CA

Before discussing the benefits of bankruptcy, it is important for you to understand that most people hope to avoid the road to Bankruptcy, but with thousands of individuals adversely affected by layoffs, pay cuts, and with the record high unemployment rate, millions of Americans are turning to and considering Bankruptcy. Consultation with experienced bankruptcy lawyer is encouraged to shed light on your specific situation.

  • The number one benefit of Bankruptcy is that it affords an individual a discharge of the financial obligation he or she has accumulated. It provides the debtor immediate relief by resolving his debt through diving his assets among his creditors, and providing the debtor a clean slate with new beginnings and opportunities.
  • Second, in most cases you can keep your home. Most state Bankruptcy laws dictate that your home is exempt from liquidation as long as your equity stake is within the designated amount. Your home is only subject to liquidation if the equity in your home surpasses your state’s threshold, meaning you own more equity in your home than your state permits.
  • The third benefit of Bankruptcy is that your creditors will finally stop harassing you, no more surprise visits and phone calls. By law, they can no longer contact you, and if they do, the court can penalize them.
  • Once your case is closed, your road to new beginnings and opportunities opens. You will have the opportunity to apply for new loans and credit cards. Though you will have to prove you’re a responsible debtor at first to receive great interest rates, this process will allow you to rebuild your credit. And in one decade, your bankruptcy filing will no longer show up on your credit report.
  • Lastly, your family, friends, and co-workers don’t have to know about your bankruptcy filing. You have the right to your privacy. The only way someone can actually discover it, is if you’re asked for a credit report when applying for a new job or credit card.

Law Office of Robert W. Fong
1151 W Robinhood Dr C8
Stockton, CA 95207 US
Phone: (209) 475-0499

Click here to fill out our FREE Confidential Bankruptcy Case Consultation form.

 “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”