When the United States economy experienced the Great Depression, many businesses and individuals suffered from overwhelming financial problems. The U.S. government under the power of President Barack Obama then decided to create laws that will help people in surviving this ugly situation. Jobs and opportunities became possible through this law. Can this translate to fewer Arizona bankruptcy filings?
These days, there is no security that bankruptcy filings have decreased in the United States even in Arizona. One should understand that recovering from this kind of problem cannot be done quickly. However, bankruptcy filings are not that bad considering that it’s an individual or businesses way of trying to get a fresh start. In bankruptcy filing, assessment will be made through liquidating your assets so that a repayment plan can be established on how to pay for what you owe. There are actually a lot of benefits one can reap from filing for a bankruptcy.
Most creditors can legally collect the money an individual owes on his/her wages once he/she is starting to show signs of not paying. As a result, the amount of money left may be short on what the individual needs for his/her necessities. Here enters an advantage in filing for bankruptcy, the creditor cannot have a hold on the debtor’s salary anymore.
Owing debts and finding hard to pay for them can involve great efforts from the creditor to try to get the sum of money back. Letters can be sent out, phone calls can be initiated, assets can be repossessed, and foreclosure can happen are just some instances on what a debtor can do. And all these can be put to end once one decides to file for bankruptcy.
Credit counseling is another thing one must go through when he/she decides to file for bankruptcy.
Some may consider it a waste of time but it is actually beneficial. However, it can be a great help in how to deal with your financial problem. Moreover, you can still use it in your future financial situations.
Disadvantages are also present when one files for bankruptcy. In Arizona, people have enlisted the help a trusted Arizona Bankruptcy Lawyer to help them deal with these disadvantages.