Advantages Of Filing Bankruptcy

By Author: ClearInsolvency
Total Articles: 20
Comment this article

Bankruptcy can save you from huge debts. It is the best method to delete your previous bad record and start from the beginning and build your good credit score. This article will tell you about some advantages of filing bankruptcy.

You are out of it

After filing bankruptcy there is no need to make more debt deals with the creditors. This is no longer your problem. It is now the issue between the creditor and the bankruptcy court. Like this you will be able to concentrate on your own problems like how can you rebuild your credit score etc.

No more calls and letters

If you are unable to pay debt for a month then you will start receiving hundreds of calls and letters from the creditors. Creditors always want the debt to be paid on time. When you file bankruptcy, the creditor can not make you even a single call or send you a letter. They are not allowed to do that legally. If you are still receiving the calls from the creditor then you are allowed to take the legal action and ask your lawyer to deal with them.

Start from the beginning

Once you file bankruptcy, your whole previous record ...
... gets deleted and you can start beginning by building your good credit score. This is an advantage as you will be able to take loans from different lenders after filing bankruptcy. There is no need to wait till your bankruptcy period ends. You can start from the very next day to build your credit score. Many people are able to get perfect credit scores within their bankruptcy time period.

You don't have to pay anyone

The debts you were going to pay to the creditors will now be paid by the bankruptcy court. All you have to do is make small payment to the bankruptcy court every month for a maximum period of 3 years. After that period are free to go. Your whole records of debts get deleted immediately. The creditors get paid by the court. There is no need to deal with the creditors after filing bankruptcy. The matter is now just between you and the bankruptcy court.

You are free to operate a bank account

This is a very good thing about bankruptcy. You become legally eligible to open a new and fresh bank account. While in so much debts, you cannot open a bank account as banks check your whole previous record and if there is any debt you have to pay someone then you cannot open a bank account. Bankruptcy allows you to open as many bank accounts you want without any problem as you are coming through a legal method. Banks cannot reject your application otherwise you can request the court to take legal actions against them. So start your both financial and social life again and immediately sign up for bankruptcy otherwise you can face some problems from the side of creditors.

About US: Always choose the creditor who offers debt insurance. Like this, there will be no action held against you in case you are unable to pay the debt. Pay your bills and other charges on time. For more details please visit bankruptcy.