Peter Rasla & Associates, P.L.C. Articles What Are The Benefits of Declaring Bankruptcy?

What Are The Benefits of Declaring Bankruptcy?

By Peter Rasla & Associates, P.L.C.  Dec. 17, 2010 10:44a

If you find yourself not being able to sleep at night because of worrying about how you are going to pay your bills or if you have that sinking feeling that you are never going to get ahead, it may be time to look at declaring bankruptcy. When one's very survival is threatened and the mountain of debt keeps growing, bankruptcy is often the correct solution so you can get a fresh start. Living life in a constant state of anxiety is not conducive to bettering one's conditions and it affects everyone in your life, friends, family and co-workers.


Declaring bankruptcy has many advantages and a bankruptcy attorney can work with you to help you determine which type would be best for your specific situation, a chapter 7 or 13. Following are some of the benefits of bankruptcy:

  • It can help you avoid repossession, garnishment of wages and other collection actions and lawsuits that may be in process against you.
  • It can discharge unsecured debt including medical bills, utilities, personal loans, credit cards and other debt.
  • If your house is in foreclosure, it can place a stay on these proceedings.
  • If your utilities have been disconnected or are about to be, they can be re-instated or kept on if a bankruptcy is filed.
  • You can experience much relief from creditors calling you as all communications will be forwarded to your attorney.
  • You will have an opportunity to get more education regarding how to better handle your finances so as to be more in control of your future.
  • You will most likely start sleeping better at night and will be more enjoyable to be around.

If you are in the Irvine or the surrounding area and are considering bankruptcy, you should contact an Irvine bankruptcy attorney as soon as possible before things get any worse. At Peter Rasla & Associates, P.L.C., we have been successfully helping individuals and couples in financial trouble for years and can help with the exact procedure and timelines involved in a bankruptcy so it is done correctly and smoothly.

Contact an Irvine Bankruptcy Lawyer in our office to set up a free consultation so you can begin experiencing relief.

Other Recent Articles

Strategic Default for an “Underwater” Mortgage

Many Californians saw their homes go “underwater” in the recent recession when real estate market values plunged throughout the state and the nation.
More Articles »

Living Without Credit Cards

Using credit cards to purchase everything from gasoline to clothes, groceries, restaurant meals, airfare, hotels, and entertainment items is so prevalent in our society that few consumers who have ...
More Articles »

Medical Bills: A Leading Cause of U.S. Bankruptcies

NBC News recently reported that 1.7 million American households will be forced into bankruptcy this year due to medical expenses.
More Articles »
(949) 387-9443
19200 Von Karman Avenue Suite 500
Irvine, CA 92612

Main Website:
View Website
Contact our office by email or phone instantly by clicking the options below: