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The Benefits of Bankruptcy
Your Financial Fresh Start
When weighing your options for debt relief, it is essential that you consider all of the pros and cons of the actions you have available and how they apply to your personal situation. At Avery Law, our Idaho bankruptcy attorneys make these initial evaluation stages our firm's top priority, as we want all of our clients to be well educated and capable of making the best, most well-informed and most beneficial decision.
Bankruptcy law was created with the fundamental goal of benefiting consumers in need. In fact, the U.S. Supreme Court made this point about bankruptcy in a landmark 1934 case, Local Loan Co. v. Hunt:
"It gives to the honest but unfortunate debtor... a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt."
Our firm strongly believes in the advantageous nature of bankruptcy and in the fact that it can provide much needed debt relief and numerous benefits to people in need. While we fully outline how the bankruptcy process can benefit your unique situation during your free case evaluation, the following benefits should provide you with an understanding of what bankruptcy can do for you.
Bankruptcy Protection Through the Automatic Stay
Anyone currently facing debt has most likely experienced a number of negative repercussions. As such, consumers can benefit immensely from the bankruptcy protection they will receive, regardless of which Chapter of bankruptcy is used.
Once you have filed a petition with the bankruptcy court, an automatic stay will be issued. This automatic stay orders all debt collection activities to stop.
The automatic stay puts a stop to the following debt collection activities:
- Wage garnishments
- Foreclosure proceedings
- Debt collection phone calls
This much needed reprieve can provide you with the time and the breathing space to organize your finances, become current on any debts and prepare for your financial future.
Asset and Property Protection
Contrary to some of the bankruptcy myths, bankruptcy does not mean a total and complete loss of everything you own. In fact, bankruptcy law makes a point of allowing consumers to keep a great deal of their personal property.
In Chapter 7 cases, for example, consumers are permitted to file exemptions and to keep certain property. State and federal laws will dictate exemption laws, but common examples of exempt property include household furnishing, tools of trade, life insurance policies, pension plans and others.
Discharge of Debts
One of the most beneficial aspects of both Chapter 7 and Chapter 13 bankruptcy is the discharging of debt. Although there are a number of factors that will affect the scope and nature of your debt discharge, bankruptcy can generally allow most consumers to discharge at least some unsecured debts.
Unsecured debts are those that are not backed by collateral and can include:
- Credit card debt
- Medical bills
- Unsecured loans
Work With Avery Law Today
The benefits of bankruptcy can help consumers who are truly in need. By helping you explore all of your potential options and charting how they will impact and benefit your personal situation, our experienced Idaho attorneys can ensure that you successfully pave the road toward a brighter financial future.
We encourage anyone interested in bankruptcy to meet with a member of our legal team for a no obligation free case evaluation as soon as possible.
You have nothing to lose by gaining free advice from caring professionals. Contact Avery Law today.
From beginning to end, this was a much more pleasant experience than I ever imagined thanks to all of the helpful and caring ...- Chuck
The bankruptcy case went very smooth and I was impressed at how easy John made the whole process.- Bankruptcy Client
Thank you for all your help through these trying times.- Bankruptcy client |
Averylaw handled my case very professional my financial situation was were this was my best option Averylaw gave me the best ...- Steven & Tammy L.
Going through a bankruptcy is never easy. A person's self worth feels like crap and having to enter the world of owing people ...- Former Client
Ryan made a very difficult process manageable. He always put us first and helped us navigate this difficult process with ...- Former Client
Thanks John! The work you did for us was painless and your fees were very reasonable. We will do business with you again.- Former Client
Because of my situation I was very nervous to meet with anyone. John made the process as simple as possible. Not only did he ...- Bankruptcy Client
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