What is the best thing about bankruptcy?

The answer to this question will be different for different people.  For some people,  the best thing about bankruptcy is discharge of debts.  Bankruptcy can be a huge relief if you have insurmountable credit card debts, medical bills, unsecured personal loans, deficiency from car repossession or foreclosures, guaranteed or co-signed debts in default, etc.  Usually these debts cannot be paid off when the interest rates and penalties accumulate every month on top of the minimum payments, which you can barely afford while supporting your family.

For another group of people the best thing about bankruptcy is an opportunity to save your home from foreclosure through a Chapter 13 Bankruptcy repayment plan.  If you recently got a job or a promotion and can now afford your mortgage payment, you can stop foreclosure on your home by paying your monthly contracted mortgage payment and catching up on your mortgage arrears within 60 months.

Some people like Chapter 13 Bankruptcy lienstrip.  This allows debtors to remove their second mortgage or equity line of credit on their home.  Once debtors complete their plan payment, the balance of the second mortgage or equity line of credit will be discharged or wipe out.  However, it becomes harder to qualify for Chapter 13 Bankruptcy lienstrip as home values rise.  Speak to experienced Sacramento Bankruptcy Attorney Muoi Chea to determine if you qualify.

Other people like that Chapter 13 Bankruptcy can stop IRS levy or IRS wage garnishment by structuring a payment plan that is affordable.

You want to save your sole proprietorship business by restructuring your debts under Chapter 13 Bankruptcy protection to continue operating your business without lawsuits or harassment by creditors.  You want to operate your business in peace and grow your business as our economy is recovering.

Or you are just overwhelmed with debts that you know you cannot realistically pay off. You need help to get out of debt.  You are frustrated that all your hard earned income goes to debt collectors and you do not see an end in sight.  You are afraid that you do not have any savings if your boss cut your hours or fire you, if your car breaks down and need repairs, if you got sick and cannot work, or if your children need funds to attend college.  To simply put it–YOU JUST WANT A FRESH START!