Immediate Benefit of Filing Bankruptcy!
By Carmen Dellutri, Attorney at Law on Apr 8, 2007 in General Bankruptcy Information
The most immediate benefit of filing bankruptcy is the automatic stay. The automatic stay provisions of the United States Bankruptcy Code provides almost instantaneous relief from most creditor actions including halting repossessions, foreclosures, garnishments, utility disconnections, and, in many cases eviction. In a nutshell, the debtor is given an opportunity to take a deep breath and sort things out.
A second benefit of the filing for bankruptcy relief is the discharge. The goal of any bankruptcy case is for the debtor to obtain a discharge of all unsecured debts. When a debtor knows that he or she will receive a discharge of most, if not all, unsecured debts, the stress level in that persons life goes down quite a few points.
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