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The Short-Term and Long-Term Benefits of BankruptcyBankruptcy may have a negative stigma for people who do not understand what the process means. Bankruptcy is a solution to your debt problems, not a symptom of them. You file for bankruptcy to stave off creditors and ultimately clear yourself of eligible debts that are causing you stress and threatening your financial security. When filing for bankruptcy, you should understand that there are immediate and long-term benefits.

Immediate Benefits

You will immediately notice the effect of filing for bankruptcy because it will enforce an automatic stay on your creditors. This means an immediate stop to:

  • Persistent phone calls and letters about repayment;
  • Looming litigation by your creditors;
  • Garnishment of your wages by the IRS and student loan lenders; and
  • Imminent foreclosure or repossession of your properties.

The automatic stay gives you time to assess your financial situation and how you wish to proceed with the bankruptcy process. It is difficult to concentrate on making those decisions if you are worried that the bank is about to foreclose on your home.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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