When you are experiencing a financial crisis you may feel like you are the only one in that situation. The reality is that many people are feeling the current financial crunch for one reason or another. So whether you live in Dallas or any other part of the country, you are not alone!
The following top five reasons seem to be the most common reasons why many people are filing for bankruptcy:
1. Wiping the slate clean. The goal of a discharge is to reduce debt to give you a fresh start.
2. Stop foreclosure or sale of your home. If your home is in foreclosure a Chapter 13 bankruptcy will stop the foreclosure any time prior to the sale.
3. Prevent repossession of your car or other property. If the bankruptcy is filed quickly enough it can effectively force the creditor to return your car or other personal property.
4. Stop aggressive collection efforts by creditors. Often, creditors will call the home of a debtor at all hours and behave in an abusive manner. Bankruptcy will help stop the harassing phone calls and other aggressive behavior by creditors.
5. Restore or prevent your utilities from being shut off. Filing bankruptcy can prevent the utility company from pulling the plug on you.