Mar 29, 2013

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Common Reasons To File Bankruptcy

The process of eliminating your debts and starting over with a clean slate is often referred to as filing for bankruptcy. While it is not recommended to file for bankruptcy, unless absolutely necessary, this option is a way to give yourself and your family a new start without drowning in debt and still being allowed to keep your possessions. Once you and your spouse have determined that bankruptcy is the right course of action for you, you will need to find a bankruptcy attorney in Cleveland to work with; Robert C. Bianchi Attorney at Law attorney will provide you with the information to correctly file bankruptcy. There are many reasons for which you might determine that filing bankruptcy is the right choice for you; and a bankruptcy attorney in Cleveland will help you make these determinants and set you on the right track to succeed.

Eliminate Debts

One of the main reasons why bankruptcy is pursued is to eliminate debts. When filing for bankruptcy you will be able to get out of the mountain of bills and other debts that might prevent you from enjoying your life. Sometimes not all debts will be forgiven in bankruptcy, instead there may be a reorganization, which will help you to owe less on your bills and make repayment easier. If you qualify, all of your bills will be forgiven and cleared, giving you and your family a fresh start.

Prevent Property Repossession

Another reason for which bankruptcy is chosen if the benefit of keeping all of your personal property in the process; if you simply default on your loans and bills, your creditor is capable of repossessing your property. Bankruptcy is an option to pursue where you can get relief from your debts while maintaining all personal property.

Employment Loss

In the current economic climate, it might not be possible to pay off bills and debt due to the fact of unemployment. Many people may choose to pursue bankruptcy in order to help them out when they are unemployed. You may decide a bankruptcy attorney in Cleveland is the best solution to provide assistance with filing for bankruptcy.

Stop Creditors

When you are late on your bills, even by just a month or two, creditors will begin to harass you at any chance they get; the more late your bills become, the more they will harass you. Creditors receive a commission for how many late payments they are able to procure; and so they may resort to harassment and abusive behavior to obtain the money that is owed. By filing for bankruptcy, you effectively pay your bills and therefor, the creditors disappear.

Wage Garnishments

In some cases, creditors may conduct wage garnishment. This means that the creditor is allowed to take out money from your paycheck in order to reimburse for money owed. Once bankruptcy is filed and approved, wage garnishments will desist and you will receive money needed to support your family. A bankruptcy attorney Cleveland will provide you with the needed tools in order to effectively file a bankruptcy claim, no matter what the circumstances entail.

If you are struggling financial and are considering bankruptcy, it is recommended that you contact a bankruptcy attorney Cleveland. Contact Robert C. Bianchi at 440-843-6670 for assistance with the bankruptcy process.

 

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