Can Filing for Bankruptcy Be A Good Thing?


When people talk about bankruptcy, they often discuss it in a way that sounds highly stigmatized. It is often perceived as a bad and negative thing that should be avoided at all costs. However, filing for bankruptcy is often a good thing and can help people begin to create a blank slate and improve their financial future. The fact is that anyone can get into trouble with debt and it is not helpful to suggest that filing for bankruptcy is inherently negative.

Why Filing for Bankruptcy Can Be Good

Filing for bankruptcy is not the end of the world. If you are receiving harassing collection calls and facing wage garnishments, filing for bankruptcy can put a stop to it. True, bankruptcy will bring down your credit score, but chances are your credit score is already in bad shape if you are struggling with debt. Depending on the type of bankruptcy you file for, it will only remain on your creditor report for 7 to 10 years. For many, filing for bankruptcy is often their only option for hitting the reset button on their finances and improving their credit.

Although filing for bankruptcy issues an automatic stay against creditors, however, it is important to note that it does not cancel your debt. An automatic stay simply means creditors can no longer attempt to collect debt from you.

That said, bankruptcy is not right for everyone. The only time filing for bankruptcy may be a bad thing is when the timing is not right. For example, if you file too early, you may lose property or assets that you would have been otherwise able to keep. Moreover, it is crucial to understand which type of bankruptcy is best suited for your circumstances and avoid filing for a type that is not in your best interests. Consulting with an experienced bankruptcy attorney can help you smoothly navigate this process and take the best course of action.

Discuss the Details of Your Bankruptcy Case with One of Our Experienced Attorneys Today!

If you are overwhelmed with debt and considering your options, the bankruptcy team at Pirkle & Pirkle Law can provide the knowledgeable guidance you need to make the best decisions for your financial future. You can rely on our experienced team to provide the strong legal support and advice you need during this difficult time.

Reach out to our law office today at (912) 205-5038 to set up a case review with a member of our team.