Know the Benefits of Bankruptcy
Ask Our Richmond Bankruptcy Attorney What You Can Do
While bankruptcy can be an emotional and complicated process. It should be handled by a qualified attorney and it can provide numerous benefits for a person or business owner suffering from financial hardship. If you have questions about bankruptcy, we recommend that you contact our Richmond bankruptcy attorney, Bruce W. White, today for a free phone consultation.
The Benefits of Bankruptcy
- Stop the Foreclosure Process - The lender initiated foreclosure process is the way that mortgage lenders attempt to repossess the homes of borrowers who have not paid their mortgages according to their loan terms. By filing bankruptcy an individual can impede, and in some cases stop, the foreclosure process.
- Prevent Wage Garnishment - The majority of people experiencing financial difficulty tend to stop paying their creditors in order to pay for the necessities, such as gas and electric, and buying food for their family. While this is understandable creditors can garnish a person's wages when he defaults on a loan. Wage garnishment may cause you to no longer be capable of providing the necessities your family needs. Bankruptcy can prevent creditors from garnishing your wages.
- Cease Repossession - Many people use their vehicles for everyday activities, such as picking up their children from school, going to the laundromat, and buying groceries. Therefore, having your car repossessed can be a devastating loss. Bankruptcy may stop your lender from repossessing your vehicle.
- Help a Small Business Owner Stay in Business - A good majority of small business owners take on debt to start and grow their companies. However, many business owners take on too much debt and are not able to pay their creditors according to the original repayment terms. Bankruptcy may allow you to restructure your debts and stay in business.
Contact a Bankruptcy Attorney
There a various to advantages to filing bankruptcy, but only a qualified Richmond bankruptcy lawyer can review your situation and advise you as to whether or not you qualify.
Contact us at Bruce W. White, P.C. today for a free phone consultation.