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The Benefits of Bankruptcy

After the current bankruptcy law went into effect in 2005, many people were left with the impression that bankruptcy relief was no longer available or too difficult to obtain. Nothing could be further from the truth.

Bankruptcy is a formidable way for many hard working Americans who are facing difficult times to obtain a “clean slate” and rebuild their future. The events leading to bankruptcy can happen to anyone, as every socioeconomic bracket faces unexpected challenges in life. During these trying times, bankruptcy filings are rising at unprecedented rates, as millions of Americans have been faced with massive lay-offs, unexpected injuries and chronic medical conditions resulting in insurmountable medical bills, or other circumstances that are beyond their control. In fact, this year it is expected that over 1,500,000 Americans will seek relief under the bankruptcy code and begin to rebuild their future. No matter the situation, people who find themselves overwhelmed by debt need some relief. Filing for bankruptcy continues to be a legal, safe and affordable way to start over.

There are many immediate advantages to filing relief under the Bankruptcy Code.  First, there is the relief from the debt itself and the stress related to the collection of the debt.  A bankruptcy case can result in a “discharge” of most or all of your debts.  This means you are not legally obligated to pay off the debt any longer. Debts that can be discharged include, but are not limited to, credit cards, medical bills, unsecured loans, judgments, and certain types of taxes. In some bankruptcy cases you can actually reorganize your mortgage and car loans, taxes and others types of debts that may not be discharged. The court will also supervise the plan and the creditors have no choice but to participate.

Another significant benefit of filing for bankruptcy is the automatic stay. This means that the court orders the creditors to stop calling and harassing for debt collection. The automatic stay also halts lawsuits, prevents garnishments, averts repossessions of vehicles, and stops foreclosures and IRS seizures. Furthermore, if a bankruptcy case is filed before a state court enters a judgment of possession, you can also prevent eviction from a past-due, mortgaged house or apartment. Finally, you can also prevent your driver’s license from being yanked for any number of unpaid fines.

If you are seriously considering bankruptcy and you live in Louisiana, you need to consult with a Louisiana bankruptcy attorney. While the process appears complicated, a Louisiana bankruptcy lawyer will be able to help you understand your options and avoid making bad decisions that you could later regret. If you are over-burdened with bills and cannot see any light at the end of the tunnel, bankruptcy may be the best option to help you get that much needed clean slate and allow you to rebuild your future. Kirkpatrick and Associates specializes in bankruptcies. Every day, we help people get out from under debts from $10,000 to $1,000,000 and higher. So far, we’ve wiped out over 100 million dollars in debt. We even created the software that is now used by other leading bankruptcy law firms throughout the country! You need Kirkpatrick and Associates. No other law firm is better qualified to bring you the fastest debt relief, and do it right the first time.