Benefits of Bankruptcy

Nobody aspires to file bankruptcy. People pursue bankruptcy because it often becomes the easiest and most cost-effective way to eliminate debt while allowing them to keep their property. Yet, despite its negative reputation, bankruptcy is nothing to be ashamed about. Bankruptcy laws exist to protect you from the disproportionate consequences of burdensome debts.

Understanding The Advantages

Bankruptcy makes sense for people with credit card debt, overdue medical bills, payday loans, pending lawsuits and the like. These debts have a tendency to quickly spiral out of control. When you have no hope of paying them off, you can eliminate them through either Chapter 7 or Chapter 13 bankruptcy.

The benefits of bankruptcy are numerous. Of course, its primary purpose is to eliminate most — if not all — of your debt, leaving you with a clean financial slate. Other important advantages of bankruptcy include its ability to:

  • Stop creditor harassment
  • Stop collections lawsuits
  • Stop wage garnishment
  • Halt foreclosure and repossession efforts
  • Protect your assets and property

These benefits take effect as soon as you file bankruptcy. Through a court order called an “automatic stay,” you will receive immediate protection against the financial pressures that would make it impossible to sort out your situation.

Why Consider Bankruptcy? | Explore Your Options For Financial Freedom

Bankruptcy can sound intimidating, but it is nowhere near as intimidating as facing a flood of collection lawsuits and other legal problems stemming from excessive debts. Explore your bankruptcy options by contacting us at the law firm of Patton & Knipp, LLC. Our bankruptcy attorneys offer the Complete Bankruptcy Solution for those looking for the path to financial freedom.

To learn more, contact us to arrange a free consultation with one of our lawyers. We have multiple convenient office locations, and we serve clients throughout Kansas City, Missouri and Kansas.