What is the Purpose of Bankruptcy?

Posted on: March 28, 2017 at 2:23 pm

Bankruptcy gives a person or couple with a considerable amount of unmanageable debt the option of relieving some of their financial stress. Federal Bankruptcy laws were created to help people faced with harassing creditors; overdue loans, past due medical bills and growing debt to obtain a fresh start. The laws were created to help individuals and businesses manage their debt and rebuild their financial burdens in the future rather than face a lifetime of compounding debt.

Many individuals face bankruptcy in Tampa after a job loss, medical or disability issue, injury, vehicle repossession and foreclosure. Often harassing telephone calls from bill collectors and past due notices for over due bills, the stress can be overwhelming and cause anxiety. Bankruptcy can be a difficult decision to make, but a viable option to resolve these issues.  It stops creditors from calling and allows to start fresh, and rebuild your credit.

Using an experienced bankruptcy attorney will help you understand your options. Deciding on which chapter bankruptcy to file, what assets are exempt from creditors and the documentation needed to file bankruptcy are all important information a knowledgeable bankruptcy attorney will assist you with. Expert legal advice is critical when determining the future of your financial stability.

Call FL Legal Group today at 800-984-9951 and speak with one of our Bankruptcy Attorneys in our Tampa office. Our attorneys are fluent in English and Spanish to assist its clients make the right decisions regarding the filing of a bankruptcy.

Next Topic: – Understanding Chapter 7, Chapter 11, and Chapter 13 Bankruptcy.

Author: Nicki Asmer
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