Tampa Bankruptcy : Top Ten Reasons to File Bankruptcy (Part 2)

In my previous article, I covered 5 top reasons why you should file for bankruptcy if you need it. Let me recap them for you:

1. Bankruptcy would eliminate your legal obligation to pay your bills

2. Bankruptcy protects your possessions from repossession

3. Bankruptcy stops unemployment from ruining your life.

4. Bankruptcy prevents your utilities from being shut off

5. Bankruptcy stops all forms of wage garnishments.

Here are 5 more top reasons to file for bankruptcy:

6. Bankruptcy stops foreclosure on your property

When secured loans like your housing loan is left unpaid, the bank would naturally foreclose on your house to recoup from their losses. But if you are declared a bankrupt, you may still keep your house (because chances are it is an exempted asset) and the foreclosure procedure will be halted.

7. Bankruptcy minimizes or eliminates medical bills

Unsecured debts like medical bills and credit card charges can be minimized or eliminated altogether by bankruptcy if the court is of the opinion that you are genuinely unable to repay them.

8. Bankruptcy stops unethical behavior of creditors

Some creditors can turn nasty when you do not pay their bills. They engage in all forms of harassment and may resort to unethical means to retrieve the money that’s due to them. The legal way to deal with such behavior from creditors is the bankruptcy procedure.

9. Bankruptcy potentially reduces student loan payments

Loans for college fees may come up to several hundred thousand dollars and take a long time to repay. If during that time, you run into financial difficulties you may not be able to keep up with those payments even after starting work. Bankruptcy is the ideal solution to such a problem.

10. Bankruptcy challenges the claims of fraudulent creditors

When you file for bankruptcy, the process entails revealing all your debts and creditors. You might have been the victim of fraud whether knowingly or unknowingly. And you might not know how to deal with it. This is where an experienced bankruptcy lawyer comes in. A lawyer like those here in Tampa Bankruptcy will scrutinize your debts and identify the fraudulent practices of certain creditors. We will advise you on the actions you should take to challenge their claims.

As you can see, bankruptcy is your right under law and it is to your advantage if you file for bankruptcy when you need it.

Call us at Tampa bankruptcy at (813) 200-4133. We are here to help.