Bankruptcy is often portrayed as an adverse action that causes more pain and suffering. Sometimes, it's depicted as a life-altering scenario from which you'll never recover. The truth is, however, that bankruptcy provides many advantages. Though we advise choosing it as a last resort, there are many ways bankruptcy will benefit you if you need it, including:
The removal of legal bindings forcing you to pay your debts (or some of them, at least). Halting of foreclosures on your home or properties, buying you time to recover. Putting a stop to potential repossession of property or items. Giving you more time to save money and pay your debts. Prevent garnishment of wages and debt harassment. Ensure your driver’s license isn’t taken away from you. Giving you time to make a case for challenging debt claims.