The Benefits of Filing for Bankruptcy: How It Can Help You Rebuild Financial Stability
- McMann, P.A.
- Feb 24
- 2 min read
Updated: Apr 6
If you’re struggling with overwhelming debt, you may feel trapped with no way out. However, filing for bankruptcy can provide much-needed relief and a fresh financial start. At McMann, P.A., Attorney Mark McMann has helped individuals in Lakeland, Tampa, Orlando, and throughout Central Florida regain control of their finances through bankruptcy. Here’s how the benefits of filing bankruptcy can benefit you and why it might be the right choice for your situation.
Bankruptcy Can Eliminate Most Unsecured Debts
One of the benefits of filing bankruptcy is that it can discharge unsecured debts such as:
Credit card balances
Medical bills
Personal loans
Utility bills
This means you are no longer legally required to pay these debts, giving you a fresh financial start.
Bankruptcy Stops Creditor Harassment
If you are receiving constant calls, letters, or threats from debt collectors, filing for bankruptcy triggers an automatic stay, which immediately stops:
Creditor harassment
Wage garnishments
Foreclosure proceedings
Repossession of assets
Bankruptcy May Help You Keep Your Home and Car
While many people worry about losing their assets, Florida’s bankruptcy exemptions protect many essential possessions, including your primary residence and vehicle. Chapter 13 bankruptcy also allows you to restructure debts to keep your home or car while making manageable payments.
You Can Rebuild Your Credit Sooner Than You Think
Although bankruptcy stays on your credit report for up to 10 years, many individuals find they can begin rebuilding their credit soon after their case is discharged. With responsible financial habits, such as:
Paying bills on time
Using secured credit cards
Keeping debt levels low
Many people see significant credit score improvements within just a few years.
Bankruptcy Provides Emotional and Financial Relief
Debt stress can take a serious toll on your mental and emotional well-being. Filing for bankruptcy can give you peace of mind by eliminating financial burdens and allowing you to move forward with a clean slate.
Is Bankruptcy Right for You?
If you are facing insurmountable debt, bankruptcy could be the right solution to help you regain financial stability. Every case is different, and the best way to understand your options is to consult with an experienced bankruptcy attorney.
Contact McMann, P.A. Today for a Free Consultation
At McMann, P.A., we are committed to helping you achieve financial freedom. If you are considering bankruptcy in Central Florida, call Mark McMann today for expert legal guidance.
Mark D. McMann
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