Springfield Debtors Can Turn To Bankruptcy Lawyers For Relief

It might be hard to remember it now, but there was a time when Springfield was described as a “dream city”, but 40 years can change a lot. Manufacturing flight led to job loss, lowered income led to families leaving, falling property values drained wealth, and the vicious cycle continued until incomes fell by nearly 30%.

Several attempts have been made since then to jumpstart the economy. A few big projects rose, a testament to their efforts, like a new hospital and ice rink. But others closed, like the Upper Valley Mall. Throughout the decades, the city has accumulated debt; is it any wonder that its residents and businesses have, too?

Like the city, debt can seem like an enticing option for getting back on your feet or founding a family. Finally, owning a home, getting a business off the ground, or just hanging on one more month by maxing that credit card until that new job finally comes through. Even if you do not deliberately take debt, the more precarious your situation is, the easier it will be for a single misfortune to send you spiraling into debt so deep it can seem impossible to get out.

Fortunately, bankruptcy exists to handle exactly those kinds of cases.

Three Ways Bankruptcy Can Save You From Debt

The whole point of bankruptcy is to allow everyday individuals, families and business owners to escape the vicious cycle of debt and start afresh. But it can be hard, without having experienced it, to know how exactly bankruptcies work to solve your debt problems.

Some of this will depend on which bankruptcy you go through, as Chapter 7 might be better for families with few assets, while Chapter 13 will be more suited to those with higher incomes or assets to protect. But some advantages are common to both forms of bankruptcy, including:

• The Automatic Stay That Protects Against Foreclosures And Garnishments

Once properly filed with the help of a bankruptcy lawyer, all Chapters come with an Automatic Stay. This order from the court is meant to stop creditors from pursuing claims against you. This means they cannot foreclose on your home, garnish your wages, harass you for money, or otherwise attempt to get their money back for the immediate future. This time of short-term relief may not seem like much, but it can make all the difference. It can lower the pressure on you and your family, keep utilities online, help you keep your business afloat, buy you time, or just give you the space to negotiate with your creditors.

• Discharging Debts

Ultimately, whether you go through Chapter 7 or Chapter 13 bankruptcy, the objective is the same: pay off a proportion of your debts before discharging the remainder of your eligible debts. This means that at the end of the process, your medical debts, credit card debts, overdue utilities and other unsecured debts will simply vanish.

In Chapter 7, this is done by selling off unexempt assets, such as second homes or rental property. In Chapter 13, this is done through a multi-year payment plan that siphons off a pre-agreed portion of your income.

If you do have such debts, you do not need a lawyer to tell you just how much difference it could make to your life to see them disappear. No matter how long it takes, such a fresh financial start often starts with discharging debts.

Stamps And Stamps | Bankruptcy lawyers who will make the law work for you.

Springfield’s fate, like the country’s, remains undecided. Its bold current strategies could pay off or pave the way into the next recession. Either way, those already struggling with debt are not likely to dig their way out any time soon without help.

Luckily, you can turn to bankruptcy lawyers at Stamps and Stamps in Daytona for immediate and long-term debt relief guidance. To secure your consultation today, call (937) 247-6447 or reach out to our team online.

Together, we will ensure the law is used to help you and your family move forward, not as a ball and chain to bind you to your debts and hold you back!