There are many different reasons that cause people to file bankruptcy, and people always want to know what the benefits are if they file bankruptcy. Here are my top five benefits of filing bankruptcy.

  1. Bankruptcy will stop wage garnishments – when you file for bankruptcy any court actions against you are stayed and wage garnishments will stop. However support payments are not stopped.
  2. Bankruptcy will get rid of your unsecured debt – When you file for bankruptcy all of your unsecured debts will go away except for certain debts such as student loans that are less than 7 years old, and traffic tickets.
  3. Bankruptcy stops the calls from creditors – when you file for bankruptcy your creditors are no longer allowed to call you to collect money. Sometimes it does take a month or two for your creditors to process the paperwork, so if they do call you after you file for bankruptcy, just tell them to contact your trustee.
  4. Bankruptcy is a fairly quick process – for a 1st time bankruptcy, it will last 9 months if you have no surplus income and 21 months if you do have surplus income. For a 2nd time bankruptcy It lasts 24 months with no surplus and 36 months with surplus.
  5. Bankruptcy will give you a fresh start –bankruptcy it is designed to give the honest but unfortunate debtor a fresh start.

If you live in Barrie and want to see if bankruptcy is the best solution for you to eliminate your debts, then I can help. Give me a call at (705) 719-4948 and set up a free consultation so I can go over all of solutions to your debt problems. You can also send me an email at [email protected]

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