The bankruptcy process can be painful, but it can also be therapeutic. It is a process that can thrill you by presenting you with numerous new opportunities. If you are contemplating filing for bankruptcy, you may be persuaded to do so after learning some of the reasons why many people in difficult financial situations seek relief.
Keep Your Home
If you are having trouble paying your mortgage but still have some income, you can file for bankruptcy and avoid foreclosure! Under chapter 13 bankruptcy, you can collaborate with a bankruptcy attorney to devise a repayment plan that restructures your debts to make them more manageable.
As soon as you file for Chapter 13 bankruptcy, your residence is protected from foreclosure. Instead, you have the chance to devise a new method of remaining current on your mortgage payments. This is a viable option for many homeowners. If you are already considering filing for bankruptcy, knowing that your residence will be protected may be enough to convince you that chapter 13 is the best option.
Maintain the Lights on
Unfortunately, many individuals in this country struggle to keep the lights on. This can be extremely dangerous during the summer and winter months, particularly for the young, elderly, and ill. If you have recently lost power, or if you fear losing power in the near future, you will be interested to learn that filing for bankruptcy will allow you to keep the lights on.
While a security deposit is required for the new account, you are assured that the electricity will be on. In addition, you can rest assured that the utility service you are receiving is not minimal. Typically, the utility company will average your consumption over the previous twelve months and provide you with roughly the same amount of service each month.
Action
Contact a bankruptcy attorney immediately who can help you file for bankruptcy to avoid these horrors if you're confronted with either of these difficult situations. Sometimes bankruptcy is the best method to protect your family and provide them with the life they deserve.
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