Filing for bankruptcy is often considered a last resort when someone has unmanageable debt. For many, bankruptcy is the best choice that can eliminate debt, finally stop harassment by creditors, and help build a stronger financial future. Wanting to know more about what are the advantages of filing bankruptcy? Here are your answers.
Advantages of Filing Bankruptcy
Triggers the Automatic Stay
As soon as you file for bankruptcy, the court will issue something called a stay against attempts to collect a debt. This means that all creditors to whom you owe dischargeable debts will be legally required to suspend any collection activity against you until your bankruptcy proceedings have been completed.
The triggering of an automatic stay has many benefits for the person filing bankruptcy. While the stay doesn’t discharge debts, it does