Benefits of Bankruptcy

What Are the Benefits of Bankruptcy?

When an individual, family or business falls into financial hardship, filing for bankruptcy can provide relief from overwhelming debt. There are advantages and disadvantages to filing for bankruptcy. Consulting with a professional bankruptcy lawyer can help you make the right decision on what is best for you as an individual, your family or your business. The benefits can include discharge of credit cards, medical bills and pending law suits, and the opportunity to rebuild your credit, with even better interest rates on loans.

Some of the benefits of bankruptcy include:

  • Wages attachments and bank levies
    Filing bankruptcy can stop wage attachments and/or bank levies.
  • Discharge credit card debt
    Generally discharged with no obligation to pay on them again.
  • Discharge medical bills
    Generally discharged with no obligation to pay on them again.
  • Strip off second mortgages, home equity lines of credit and judgment liens from your property
    You may never have to pay on your second mortgage or line of credit again. Judgment liens can also be removed under certain conditions.
  • Put your mortgage arrears on a payment plan and keep your house
    Bankruptcy can force the bank to accept a payment arrangement to catch up the arrears over the next few years if you are able to resume your payments.
  • Stop foreclosures
    Bankruptcy can stop a foreclosure if you are able to resume payments and slowly catch up the arrears over the next few years.
  • Need time for loan modification?
    While our office does not negotiate loan modifications, bankruptcy can stall a foreclosure process in order to give you, or your agent, time to negotiate loan modification options.
  • Discharge old tax debt or create payment plans for tax arrears
    Taxes that came due within the last 3 years can be put on a payment plan over the next few years. Older taxes are potentially dischargeable with no obligation to pay on them again.
  • Reduce the principle on your car loan and/or get a better interest rate
    Potentially pay only the market value of your vehicle instead of the bloated loan balance. A reduction in the interest you are paying may also be available. If you are behind on your payments the car can be paid off through the bankruptcy over the next few years. This can also result in a reduction in your payment.
  • Rebuild your credit
    Bankruptcy may relieve you of substantial amounts of debt. Your credit may then recover because missed payment are no longer being reported and your debt ratio has improved. Paying bills on time for any secured debts you wish to keep, or on future debts you may incur, is essential to rebuilding your credit.
  • Discharge pending lawsuits and judgments entered against you
    Bankruptcy may relieve your obligation to pay a creditor even if they have a lawsuit or judgment against you. Judgments recorded against your real property can potentially be removed, depending on which chapter of bankruptcy you file.
  • Stop repossession of your personal property
    If you are being threatened with repossession, bankruptcy can halt any action. If you have a car that was repossessed you may be able to discharge any balance owed in bankruptcy.
  • End suspension of your professional license
    Under certain circumstances a bankruptcy discharge can release a suspension of your professional license.

We Handle All Types Of Bankruptcy

At Hindley & Henderson Law, we help clients understand the pros and cons of bankruptcy every day.  Bankruptcy can help people facing problems such as a decrease in their income due to unemployment or an injury/accident, huge credit card debt with high interest rates, overwhelming medical bills, foreclosure, wage garnishments from lawsuit judgments or IRS/state tax debt. Filing bankruptcy may also help those who are struggling with a small business on the verge of collapsing. If any of these situations apply to you, we are here to help. Many successful people and companies have filed for bankruptcy. There is no reason to feel embarrassed or guilty about filing bankruptcy. Our office is a judgment free zone. Our goal is to help you get relief from your debts and be able to move forward in life debt free.

Free Bankruptcy Evaluation

Call us to learn more about the benefits of bankruptcy.  The Law Office of Hindley & Henderson represents clients throughout the North Bay, SF Bay Area and Silicon Valley. We have a bankruptcy law office in Santa Rosa to serve Sonoma, Marin and Napa Counties, and a bankruptcy law office in San Francisco to serve the SF Bay Area.  We also can provide services for the San Jose, San Mateo and Silicon Valley.

We have staff available Monday through Friday from 9 a.m. to 5 p.m. to assist you. We also have evening and weekend appointments and offer reasonable rates and payment plans.

Contact us today to get the fresh start you deserve.