How Bankruptcy Can Help You
If you're like many Australians facing mounting debt, fielding
harassing phone calls from creditors and collection agencies,
and possibly even suffering garnished wages or legal action,
bankruptcy could be just the answer you've been hoping for.
One of the greatest, and most obvious, ways that bankruptcy
can help you is by giving you a clean slate (or if not completely
clean, at least a cleaner one than you've currently got).
By filing bankruptcy your debt will either be significantly
reduced or absolved entirely. And if your debt is not completely
absolved, the bankruptcy judge will at least help you and
your creditors work out a reasonable repayment plan that
you can realistically manage.
One of the benefits of filing bankruptcy, however, occurs
before you even step foot in a bankruptcy court. Because
once you file bankruptcy, those annoying phone calls and
letters from creditors and collection agencies will finally
come to a halt. And any legal action or recourse taken by
any of them against you, including foreclosures and repossessions,
will be tabled pending the outcome of your bankruptcy filing.
Filing bankruptcy allows you to "buy" yourself
some time. You and your family can stay in your home, you
can keep your car and other valued belongings, and even
if you're in the midst of being sued by a creditor, you
don't have to worry about it until after your bankruptcy
trial, if ever again.
And if you have been making payments (even partial payments)
to any of your creditors, once you file bankruptcy you can
cease making all payments pending the outcome of the filing.
This means that all of that money you've been pouring into
paying down your debt each month can go back into your pocket--putting
clothes on your family's backs and food in their mouths.
Just as your debt itself is taking a toll on your wallet
and your bank account, the stress of dealing with an increasingly
unwieldy debt could very well be taking a serious toll on
your health as well. Stress is a leading cause of physical
and mental health problems, and the liberation from stress
that bankruptcy provides could be the best thing you could
do for your health. Obtain a professional advice by visiting
bankruptcy specialists web site www.bankruptcyoptions.com.au.
Defaulting on debt leaves a stain on your public record
that can haunt you for the rest of your life. But once your
bankruptcy is behind you, the best benefit of all can finally
be realized. It may take a while to rebuild your good credit,
but in the meantime you've rid yourself of an unbearable
load of financial debt and physical and mental stress. Thanks
to bankruptcy you can finally get on with living your life
again.
