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July 12, 2017 Lawrence 'D' Pew

5 Major Benefits of Bankruptcy for Individuals

Arizonians who are experiencing financial struggles, take heart: in 2016, 10% fewer people filed for bankruptcy than 2015.

Still, for those who need help, the benefits of bankruptcy can greatly outweigh the pain of proceeding with the filing process. Read on to find out why getting help may be the best investment in your financial future.

1. That Clean Slate Is Really Great

Think about how it felt every September, entering a brand new school classroom with a sparkling chalkboard, clean desks, and bright artwork on the walls.

Along with your fresh notebooks, folders, and looseleaf paper, everything probably felt completely new and optimistic.

For most people who file for help, this is among the biggest benefits of bankruptcy.

Yes, filing means giving up a huge part of your financial privacy, losing assets, and starting over even after you’ve spent years or decades to build something important.

But the clean slate also means a helping hand up from the piles of problems that have been suffocating you.

We all need a little help sometimes, and bankruptcy filing can wash that slate clean.

2. Parental Positives

Worried that your declaring bankruptcy may affect your high school age children’s potential to afford college?

Here we see one of the most unlikely, but affirming, benefits of bankruptcy.

According to US News & Word Report, a college applicant whose parent(s) declare bankruptcy may actually receive more loans, grants, and benefits.

Certain loans have lower financing rates, and because it is the parent, not the student, filing, the bankruptcy penalties do not flow down to the student.

In fact, if an applicant’s parents are denied loans, that applicant may be even more likely to receive loan benefits.

3. Bankruptcy Can Strengthen Bonds

While we often hear about facts that cite money as the number one issue for families to break up, we like to look at the brighter side.

One of the biggest benefits of bankruptcy is that it can truly strengthen relationships.

When you’re going through bankruptcy proceedings, you have a lot of talking, planning, research, meetings, and discussions.

This may even include talking to your children, and will definitely involve a significant other, partner, roommate, etc.

The conversations may be around very serious, unpleasant subject matter, but the results can prove a big boost!

4. We Have Our Own Court

The state of Arizona has taken a firm stand to help residents who wish to declare bankruptcy.

There is a wealth of information from the United States Bankruptcy Court District of Arizona, including introductory information, court hours, details on judges’ rulings, and more.

Of course, this makes it so much more important that you chose proper (and local!) representation.

You also want a bankruptcy lawyer who is familiar with the ins and outs of Arizona’s particular rulings (did you know there are three different chapters in which you can file?).

5. Help Understanding the Benefits of Bankruptcy is Here!

If you’re still wondering if bankruptcy can truly turn your financial situation around, help is here.

Arizona attorneys who specialize in bankruptcy are just a click away!

Start here and give us a little bit of information. Be sure to choose “Bankruptcy” from the practice area drop-down menu so we can route you to an expert.

Call (480) 745-1770 or fill out our contact form to get help from compassionate professionals. Stop worry and get help today.