WHY FILE FOR

@BankruptcyDC

A Guide to The Benefits of Bankruptcy Filing

BANKRUPTCY?

Reasons toFile for BANKRUPTCY

Federal bankruptcy laws exist to provide important protections to debtors

If you are struggling with debt, there are lots of reasons why bankruptcy just makes sense

1

Bankruptcy can give you

a WAY out of DEBT

Anyone can get into financial trouble because of medical bills,

a job loss or other unexpected expenses

If you are in debt, you should not have to suffer the rest of your life

if you cannot pay it back

Bankruptcy provides a solution to help you get out of debt

and move on with your life

2

Bankruptcy STOPS

Creditor Calls and Harrassment

One of the biggest benefits of filing for bankruptcy is all collection calls

MUST STOP IMMEDIATELY

Bankruptcy puts an end to harassment and creditor efforts to collect

Complaints about debt collectors by consumers are second only to complaints about auto dealers

Source: consumerfed.org/news/569

3

Bankruptcy Can Stop

Foreclosure, Repossession & Eviction

As soon as you file bankruptcy, all debt collection must stop- including foreclosure, repossession and eviction

When you resolve debts through bankruptcy, you may be able to keep your house and your car

If nothing else, bankruptcy buys you time to work with your landlord or lender to find a solution

4

Bankruptcy Can Stop or Prevent

Wage Garnishment or Liens on Property

Creditors who sue and get a judgment against you could put a claim on your property or take money right out of your paycheck

Bankruptcy can resolve the debts

to stop garnishment or prevent garnishments and liens from occurring

in the first place

You can protect your property and hard-earned money

5

Bankruptcy Allows You to

Protect Your Future

The bankruptcy code has provisions in it that protect your retirement and that let you keep equity in your home

Don’t cash in a 401K, IRA or other retirement account to pay debts when bankruptcy can resolve them and protect your future

Don’t pay credit card debt with a home equity loan or second mortgage when you can keep your home safe and resolve debts through a bankruptcy filing

7

Debts Can Be

Forgiven or Reduced

In a chapter 7, eligible debts can be discharged--- you won’t have to struggle to pay them any more

In a chapter 13, you can create a repayment plan to repay debts

The plan will be more affordable and any eligible unpaid balances can be discharged once the plan is complete

8

Bankruptcy Can Help

Fix Your Credit

A bankruptcy that resolves your debts will put a stop to repeated negative information being posted on your credit report each month

You can get a new credit card after bankruptcy, pay on time and start rebuilding your finances

9

Bankruptcy Gives You

a Bright Future

With bankruptcy, you can have a

clean financial slate

Get rid of the troublesome debts that you have and start to move forward towards a

better financial future

Bankruptcy Lawyer in Virginia and Washington, DC

www.Lee-Legal.com

(202) 448-5136(703) 879-2870

Content provided by Best Legal Practices

Content provided by Best Legal Practices