There are as many reasons to file for bankruptcy as there are types of people in the world. Maybe you have been overusing credit to pay your bills and it has come to the point where you cannot keep up. Perhaps you have lost your job and do not have the income to stay current on your payments. Some people were essentially living on credit before the economy took a downward turn and they found themselves without recourse. But if you take all of the specifics of these financial situations out of the equation then you are left with three basic reasons for people to declare bankruptcy.
What are some reasons people file for bankruptcy?
- Get out of a high stress situation. You may have heard that heart disease or cancer is the biggest killer but stress tops them all. If you have lost your job, been divorced or had a foreclosure then you have to deal with massive amounts of stress and it can grind you down when you do not see any way out. Many times all a person needs to relieve stress is the possibility of a fresh start.
- Stop their creditors from hounding them. Creditors can go over the top on some of their attempts to collect a debt. Often calling you at all times of the day and night, threatening jail time, even embarrassing you at work and you have no way to stop them. When you file for a bankruptcy, you get something called an Automatic Stay which stops your creditors from pursuing any collection action while the bankruptcy is proceeding. This gives you a little breathing room and time to get your financials in order
- Gain the ability to manage their debts. Many times a person filing for bankruptcy still wants to make good on their debts. By filing for bankruptcy it can help you to set up a payment system for any debts that survive the bankruptcy process like student loans or child support.
Call a great Atlanta bankruptcy attorney now to set up a consultation to get your fresh-start today!