What are the advantages of filing for bankruptcy?
Video Transcription:
Some of the advantages to filing bankruptcy is, bankruptcy allows you to use the broad powers of the bankruptcy court in order to force, stop, or slow down creditors coming after you. In a situation such as unpaid credit cards, or bank cards, or old repossessions, or old foreclosures, or old judgments in your name, often you can get those items discharged and wiped away forever.
In a situation where you might be behind on a payment such as on a house, or if you’re behind on your car payment, you can use the bankruptcy court to force those creditors to stop collection efforts in your tracks. You can stop a foreclosure sale, you can stop a repossession right on the spot with bankruptcy. If you find yourself in a situation where you’re being pushed to the wall, consider bankruptcy to put the brakes on creditors now.
