Everyone runs into financial difficulties from time to time. However, there may come a time when you face a serious financial concern that has the potential to impact your life in a number of ways.

Bankruptcy has the potential to save you from a variety of serious financial concerns, including these three:

  • Wage garnishment: It’s possible a debt collector could take the steps necessary to have your wages garnished. If this happens, you can protect yourself by filing for bankruptcy. This puts an end to garnishments for the time being, giving yourself the opportunity to regain your footing.
  • Foreclosure: A foreclosure notice is scary, as losing your home to the bank could be the worst thing to ever happen to you. Filing for bankruptcy will stop the repossession, which may give you enough time to implement a plan for saving your home.
  • You’re buried in debt: If you have more debt than you can handle, such as from using credit cards to cover a lack of income, you may feel that there’s no way out. Through a Chapter 7 bankruptcy filing, you can eliminate some or all of your debt once and for all.

A bankruptcy filing may not be the only answer to your financial concerns, so make sure you keep an open mind. If you come to find that nothing else will work, learn more about Chapter 7 and Chapter 13 bankruptcy. Once you understand the pros and cons of both, along with the process, you can take action to improve your financial situation now and in the future.