How Does Filing Bankruptcy Help

The biggest benefit of filing bankruptcy is usually stopping harassment by creditors.  However, there may be additional benefits to filing bankruptcy.  The benefits will depend on your unique circumstances and which chapter you file.  If you would like to schedule a free initial consultation to discuss how bankruptcy could help you click here or call us at (425) 258-2704 or (866) 415-1705

Harassing phone calls from creditors will stop when the bankruptcy is filed.  Filing bankruptcy will also stop most wage garnishments and many clients recover funds garnished within 90 days of the bankruptcy being filed.  Once the bankruptcy is filed repossessions and foreclosures must stop and can only resume after the Automatic Stay is lifted.  These are usually the most immediate benefits of filing bankruptcy.

When clients have poor credit scores, their credit scores typically improve quicker having filed bankruptcy than when they negotiate with creditors outside of bankruptcy.  Frequently their credit scores are above 700 within two years of filing Chapter 7.  Two years after filing Chapter 7 debtors can qualify for home loans at prevailing rates.  It is not uncommon for clients to have more disposable income after they file bankruptcy, allowing them to live on a more reasonable budget, contribute to retirement, and save for the future. If you would like to schedule a free initial consultation to discuss your how bankruptcy could help you click here or call us at (425) 258-2704 or (866) 415-1705