Bankruptcy is a scary word for many people that hear it, however, those people are simply unaware of the many ways that filing for this protection can benefit them. Sure, no one wants to file for bankruptcy, but sometimes things happen beyond our control and we simply need a solution to help us get back on our feet. filing for chapter 7 bankruptcy ri provides a new start, protection, and peace of mind when it is most needed. Read below to learn six of the many reasons filing bankruptcy could benefit your life.
1. You get a fresh financial start. So many people do not understand the importance of good credit until it is too late. With Chapter 7, you get a second-chance to do things over.
2. You see no other way out of the debt. It is easy to get into debt, but difficult to get out. Rather than drown in never-ending debt, bankruptcy gives you a way out.
3. Filing Chapter 7 isn’t difficult, as some people assume. Although it is advisable to hire an attorney to assist with the process, most anyone can file for bankruptcy protection should they wish to take that step.
4. Is your home at-risk of foreclosure? Chapter 7 bankruptcy may help. Many people use the protection to prevent foreclosure of their home. It can also protect vehicle repossession and other similar situations.
5. Filing for bankruptcy protection stops those annoying collector calls and stops the letters in the mail. For many people, this added stress and frustration is unbearable, but there is help and hope.
6. Once you file, your debts are clear and you can start over without any payments, payments, or charges to cover. Chapter 13 bankruptcy, on the other hand, does require you repay the debts.