The Most Common Reasons for Filing Bankruptcy to Deal with Debt

Debt is a common element of many adults’ lives. You cannot help but take on debt when you buy a house or car or suffer an injury or illness that leaves you hospitalized, among other life events.

But when your debt has become crippling to your finances, it might be time to consider practical ways to deal with it. By using the services of experienced bankruptcy law firms Pasco County clients can resolve most or all of their debts in a legal and efficient manner.

Escaping Garnishments

When it comes to one of the main reasons for contacting bankruptcy law firms Pasco County locals often do so to escape heavy garnishments on their paychecks. When you owe a debt to a creditor like a hospital or student loan agency, you could have your wages or salary garnished until the debt is paid off in full. This means money will come directly from your paycheck and it means your employer’s payroll department will be aware of your financial struggles.

The amount of the garnishment can leave with very little for paying bills, which could result in debt problems being even worse. By filing for bankruptcy, you can get the garnishment released and regain your full paycheck each pay period. At the very least, this gives you time to figure out how to deal with your financial challenges.

Releasing Levies

Your creditors can also levy assets like your bank account and retirement savings. They can retain a hold on these assets until you pay off your debt. When you file for bankruptcy, the creditors are notified that they must release their levies immediately or risk being fined heavily by the federal court.

You can find out more about bankruptcy law firms online. Contact the Law Offices of Robert M. Geller, P.A at https://www.attorneyfortampabay.com/.