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Considering the benefits of personal bankruptcy

| Jul 20, 2020 | Personal Bankruptcy |

Most Virginia residents who are struggling with seemingly insurmountable debt look at every option to attempt to address the problem. Many people have thousands of dollars in credit card debt, for example, so they look to consolidate the debt on a low interest credit card special offer. Others may have outstanding mortgage or car loan payments, and so they attempt to negotiate with their creditors to see if they can get a better deal. When dealing with debt, some people may benefit from another approach: personal bankruptcy.

Our readers may think that personal bankruptcy is a “last resort only” option. That is certainly a common perception, but there are many benefits to personal bankruptcy that should be considered by anyone who is dealing with a crushing amount of debt. While there is a perceived social stigma associated with bankruptcy, the fact is that this is an entirely reasonable legal method of addressing debt responsibly.

When Virginia residents pursue personal bankruptcy, they can expect a “stay” on any efforts by collection agents to collect on their outstanding debt. They can also expect to organize a comprehensive list of their debts and come up with a plan for either getting the debts paid off or discharged.

But, perhaps the biggest benefit of personal bankruptcy is the peace of mind that can come from addressing your debt-related problems head-on and, once the process is complete, putting those problems in the rearview. At our law firm, we try to help Virginia residents who are looking for solutions to their debt problems. For more information about how we may be able to help, please visit the personal bankruptcy overview section of our law firm’s website.