The biggest benefits of filing bankruptcy are perhaps the same as the most compelling reasons to file bankruptcy – obtaining peace of mind and a fresh start. The automatic stay provisions of the bankruptcy code put an immediate stop to harassing creditor phone calls, repossessions, garnishments, foreclosures, lawsuits, and the like. People can again focus on taking care of themselves and their family without juggling debts and lying awake at night worrying if they will still have a car to drive to work in the morning. Funds that were previously used to pay credit card, medical and other unsecured debt can now be applied toward necessary living expenses (i.e. rent, utilities, food, clothing, and transportation) and perhaps even retirement. With proper post-filing financial management and a balanced budget, people can regain control of their finances and be in a position to handle future financial emergencies. For those who got in over their heads by purchasing things that they simply could not afford, it offers a second chance to right the wrongs and get back on track.
Contact Hicks and Lickert at 501-771-1817 for a Free Consultation with our North Little Rock Bankruptcy Attorneys.