Benefits of Bankruptcy

Our Kansas City Bankruptcy Attorneys Are Here to Help

Nobody aspires to file bankruptcy. People pursue bankruptcy because it often becomes the easiest and most cost-effective way to eliminate debt while allowing them to keep their property. Yet, despite its negative reputation, bankruptcy is nothing to be ashamed of. Bankruptcy laws exist to protect you from the disproportionate consequences of burdensome debts.

Understanding the Advantages

Bankruptcy makes sense for people with credit card debt, overdue medical bills, payday loans, pending lawsuits, and the like. These debts have a tendency to quickly spiral out of control. When you have no hope of paying them off, you can eliminate them through either Chapter 7 or Chapter 13 bankruptcy.

The benefits of bankruptcy are numerous. Of course, its primary purpose is to eliminate most — if not all — of your debt, leaving you with a clean financial slate.

These benefits take effect as soon as you file bankruptcy. Through a court order called an “automatic stay,” you will receive immediate protection against the financial pressures that would make it impossible to sort out your situation.