In Debt And Need Help? How Bankruptcy Can Help

If you are in debt and you have been turned over to a collection agency, there's a good chance they are already trying to garnish your wages in order to get paid. The companies you owe money to want their money, and they don't care that you barely have enough money to feed your family or that you don't earn enough to pay the bills you currently have. In emergency situations, most people do not have the emergency funds stashed away in order to pay for those emergency bills, which is why a lot of people end up in trouble. If you are in debt and are turned over to collections, there is help for you. Bankruptcy may be able to help. Read on for information about bankruptcy and how it may benefit you to file.

To Prevent Wage Garnishment

Prevent wage garnishment before it happens with bankruptcy. If you get a wage garnishment, depending on the size of the debt, you could end up giving a lot of your paycheck away, leaving you with barely anything to scrape by. If you have a wage garnishment, they will take what they need directly from your check to pay back the debt, which is a good thing, but you don't get to control how much they take and what they pay towards the debt. If you file for bankruptcy before all of this, you may be able to pay back substantially less instead and still be left with money to live off of.

To Pay Back Other Debts

Bankruptcy can help you to pay off your other debts as well. You more than likely have other debts that you have been struggling to pay off, and with bankruptcy, you are scheduled on a payment plan that works best for you and for your income. You will be able to finally pay off some of your debts that you may not have thought you could have. It will still take time, but your creditors will be paid and they will be off of your back, rather than hounding you for their money.

If you are in serious debt, you should consider filing for bankruptcy and prevent the garnishments from taking place. Talk to a bankruptcy lawyer today to discuss your options and how bankruptcy works so you can put your mind at ease and be able to live without the stress and worry about your debts.

If you need to learn how to stop wage garnishment, legal help is available.