Some people think that it is bad to file for bankruptcy. If you are in large financial debts, it is not that easy to wriggle out. Living with debt is itself a harrowing situation – something not suitable for any sane person. Contacting a Hagerstown bankruptcy lawyer can help you to learn more about the situation. The following statistics can help you to understand that filing for bankruptcy is not a bad thing at all. Did you know that in the year 1999, approximately 1.3 million individuals had filed for bankruptcy to distance themselves away from the usual complications of having bad debt?
The stigma associated with going bankrupt or filing for bankruptcy simply does not exist anymore. People need to get immediate relief from their debts. And filing for bankruptcy is the best option that is available to them at present.
Bankruptcy law is diverse and are also actually quite convoluted. Only those who have many years of experience will be able to guide their clients in a proper way. The guidance offered by them will help the clients to lead a happy and worry free life.
Many people, in fact, want to know the minimum time required for the effect of filing for bankruptcy to take place. An automatic effect will come into the scene soon after the filing process. The creditors will not be able to harass you or your family members anymore. The system will also stop all wage garnishments / foreclosures immediately.
It can however take some time to get the debts discharged. If you are filing for Chapter 7 bankruptcy, then it is better to wait a minimum of three to eight months to see the discharge of the debts. Do bear in mind that one will have to meet up with the payment plan requirements to see the actual debt discharge.
Filing for bankruptcy might appear like a good thing to do in certain instances. However, it is not the ultimate method that can protect you in an effective manner. The process does come with its own share of shortcoming too. Make it a point your options with a lawyer.