3 things that bankruptcy can put a stop to

When people are struggling under mounting debt, it can feel like the stress, anxiety and financial strain will never end. Add to that the non-stop calls from creditors and the penalties that continue to pile up every month, and it is no surprise that people often feel like getting any relief is impossible.

However, you do not have to resign yourself to being in debt. You can explore debt relief options that put a stop to your current financial challenges and help you make a fresh financial start. Filing for Chapter 7 bankruptcy is one such option, and it can put an end to a few of the most painful elements of debt.

  1. Creditor contact and harassment - The constant calls and letters from creditors who may resort to unlawful practices to try and get people to pay debt can be incredibly upsetting. However, filing bankruptcy automatically stays -- or stops -- creditor lawsuits and phone calls demanding payments.
  2. Foreclosure - Filing for Chapter 7 bankruptcy also stops certain collection actions, including those against your home and other property. If your home is in foreclosure, filing for Chapter 7 protection can pause these proceedings (if only temporarily) and give you some breathing room to examine your options.
  3. Financial hemorrhaging - Between wage garnishment and penalties that continue to accumulate, it can feel like you are hemorrhaging money and have no hope of getting your finances under control. However, filing for Chapter 7 bankruptcy can eliminate dischargeable debts which can allow you to get back on track financially.

Filing for Chapter 7 bankruptcy can stop these and other troubling events tied to debt, so it may be an option worth exploring with an attorney.

It is important to note that Chapter 7 bankruptcy is not right for all people in all situations. However, there are other options for debt relief that can have a similar impact on a person's financial status. With legal guidance, people can find the solution that is best for them.

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