In Part 1 of “WHEN YOUR FINANCIAL WORLD IS TURNED UPSIDE DOWN,” we discussed how Bankruptcy protects you from the nasty world of collections and the questionable world of debt consolidation, or so-called debt counseling.
In Part 2, we’ll focus on the other powerful tools which help you start a fresh financial life after bankruptcy. These tools include:
- Stopping foreclosure actions
- Creation of a plan to catch up on a delinquent mortgage
- Court ordered mortgage modifications
- Potential to restructure auto loans
- Power to avoid judgment liens
- Ability to restructure or eliminate certain tax debts
- Ability to force an income based repayment plan on your student loans
Why should you care about these “tools?” Because through the federal bankruptcy court, they give you certainty that you will overcome your financial obstacles. So long as you are honest and deal in good faith, you will have a definitive timeline of when you will be out of debt. Debt consolidation, debt settlement, and credit counseling services do not offer these protective tools.
But what about my taxes? Am I liable for them if I file for bankruptcy?
No! When you file for bankruptcy, you will not undergo any negative tax consequences. In fact, the opposite is true! Bankruptcy provides tax benefits to those that file, and can actually eliminate your taxes depending on your eligibility and when you file! Debt consolidation and similar services do not provide you this luxury.
Can I ever have good credit after bankruptcy?
YES! Our focus at The Debt Doctors is to leave you in a better financial position than when you found us, and that includes what happens to you after your debts are discharged! Once your debt has been cleared away, you will be presented with offers for new credit. These opportunities will allow you to rebuild your financial standing. Our clients are amazed that in many cases they can qualify for regular interest rates and/or a mortgage after as little as 2-3 years! Debt consolidation, debt settlement, and credit counseling agencies do not provide you with an opportunity to rebuild your wealth.
Are you ready to take back your financial freedom?
Stop wondering “what if”? Start getting rid of bad credit and overwhelming debt. Start repairing and rebuilding your financial freedom now! Call The Debt Doctors today at 412-395-6001 to set up a free consultation! With three convenient office locations in Pittsburgh, Greensburg, and Latrobe, our skilled bankruptcy attorneys are ready to help no matter where you live.