Bankruptcy may make it possible for you to:
- Eliminate the legal obligation to pay most or all of your “unsecured” debts, which are those debts that do not have any lien such as a mortgage or car debt. This is called a “discharge” of debts. It gives you a fresh financial start.
- Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)
- Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.
- Stop wage garnishment
- End debt collection harassment
- Eliminate most creditor actions to collect a debt
- Restore service or prevent termination of utility service
- Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe
Bankruptcy cannot, however, cure every financial problem. Nor is it the right step for every individual.
Contact Me Today.
Contact Me Today.
In bankruptcy, it is usually not possible to:
- Eliminate certain rights of “secured” creditors. A “secured” creditor has taken a mortgage or other lien on property as collateral for the loan. Common examples are car loans and home mortgages. You can force secured creditors to take payments over time in the bankruptcy process and bankruptcy can eliminate your obligation to pay any additional money if your property is taken. Nevertheless, you generally cannot keep the collateral unless you continue to pay the debt.
- Discharge types of debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, most student loans, court restitution orders, criminal fines, and most taxes.
- Protect cosigners on your debts. When a relative or friend has co signed a loan, and the consumer discharges the loan in bankruptcy, the cosigner may still have to repay all or part of the loan.
- Discharge debts that arise after bankruptcy has been filed.
Don’t take my word for it – read what my satisfied clients have to say about me!
Every client gets a survey at the end of their case because I want to do everything to improve your satisfaction. Read the results here.