Janice Sanders is a guest blogger for Franklin Debt Relief. Franklin Debt Relief is a leading provider of credit card debt relief programs for consumers.

Bankruptcy is not anything to be taken lightly. The repercussions of such actions can certainly be negative. However, there are some definite advantages to consider. When you reach the point where you are receiving threatening letters, harassing phone calls and you do not have the means to pay the incoming bills, it may be time to consider bankruptcy. Bankruptcy receives a very negative, bad review, and for good reason. For someone without the means to pay even a fraction of their debt in a debt settlement program, however, there are truly some positive advantages to a bankruptcy.

Stops Proceedings and Phone Calls
If you should find yourself in the midst of considering repossession, threats of court hearings, endless phone calls demanding money and a mountain of bills that seem to double in the mailbox, then bankruptcy could be the solution for you. Garnishments can not only be embarrassing, but hamper your ability to pay your ongoing necessity bills, like utilities, car insurance and such. Chapter 7 bankruptcy’s “automatic stay” can stop all of those things. When filed timely, all of these collection activities can be ceased.

You Can Keep Your Belongings
Just because you file bankruptcy does not necessarily mean the bank or loan company invades your home collecting your belongings in an effort to repay the debt. Bankruptcy works differently than that. Your belongings can remain yours through the assistance of federal and state exemptions.

Fresh Start
Once a Chapter 7 is discharged, all bills that were included in the bankruptcy are non-existent in a legal sense, and you are no longer financial responsible for those debts. No longer do you owe thousands of dollars or more to loan companies. This is perhaps the biggest personal advantage to filing for bankruptcy. With Chapter 7, you do not repay companies and it’s essentially a “fresh start.”

Imagine being able to keep your whole paycheck, without having garnishments. How would it feel to know that the phone call coming is NOT a bill collector? There is something refreshing when you realize that phone call cannot possibly be a loan company calling to harass you. Checking the mail can actually be fun again. specially when the mail coming into you is just that, mail someone sent to greet you.