What Are the Benefits of Bankruptcy?

Let Smith Ortiz, P.C. Provide the Answers You Need

For those struggling with debt, bankruptcy can provide a chance to start over and recover financially. In some situations, filing for bankruptcy is the most responsible action a person could take. If you are considering bankruptcy, your first step should be to consult with an experienced attorney. At Smith Ortiz, P.C., we will first review your finances to determine if bankruptcy is truly your best option, or if an alternative to bankruptcy may offer more relief.

Our team of dedicated professionals has more than 25 years of combined experience and a deep knowledge of state and federal laws concerning bankruptcy. Our firm makes the extra effort to educate you about the benefits of bankruptcy and how they might apply to you. No matter what you are facing, we are on your side!

Bankruptcy Offers Tangible, Long-Term Benefits

Many clients experience a feeling of great relief after filing for bankruptcy. The knowledge that you are not alone in your debt and can finally begin getting back on your feet is powerful. However, beyond just a sense of relief, there are numerous practical benefits to bankruptcy, as well.

Some of the biggest advantages to filing for bankruptcy include:

• Filing a petition for Chapter 7 or Chapter 13 triggers the automatic stay, which effectively stops all debt collection efforts by creditors, including phone calls, repossession, foreclosure, and lawsuits.
• Numerous debts are removed through discharge upon filing.
• Many debtors can go through the process of bankruptcy without losing any of their property by way of bankruptcy exemptions.
• Credit scores can begin improving as soon as you file because outstanding debt has been eliminated from credit reports.

Take Advantage of Your Free Consultation!

While there are many significant advantages to bankruptcy, whether it is right for you depends on your particular situation, the type of debt you have, and how much property you want to protect. Our knowledgeable Chicago lawyer can help you determine the best debt relief option for you in a free case evaluation with our firm.

Get in touch with Smith Ortiz, P.C. today for dedicated and compassionate assistance with bankruptcy matters.