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Debt Relief and Bankruptcy: A Guide for Helping You Understand Options

Posted By Allmand Law Firm, PLLC || 29-Oct-2013


Every year over one million consumers use bankruptcy as a way to help resolve their debt obligations. Bankruptcy is a unique financial process that includes court-supervision to help stop legal action such as lawsuits, wage garnishment, collections, foreclosure and repossession . While bankruptcy is a powerful tool, you may wonder if it is the best option for you when overwhelmed with debt. The following details may help you understand your options and what you may want to discuss with a qualified bankruptcy attorney.

Can Filing Bankruptcy Help?

This is something many debtors think about if they find themselves avoiding creditors, being threatened with foreclosure or repossession, or collections. Deciding to file bankruptcy could put an end to such processes.

Personal Filing Options: Chapter 7 or Chapter 13 Bankruptcy?

Chapter 7 bankruptcy can eliminate or discharge unsecured debts such as payday loans, medical bills, store charge cards, credit card debt, utility bills and other personal loans. Chapter 13 bankruptcy may help stop repossession or foreclosure through an interest-free repayment plan approved by the court that lasts anywhere from 3 to 5 years. Many consumers don't realize that bankruptcy has the ability to improve your credit since you get rid of old debt to get the fresh start you deserve.

When Do You Need Legal Protection from Creditors?

Bankruptcy allows you to forgive debts through legal regulations while providing protection from creditors. The automatic stay helps you keep assets such as your house or vehicle when facing foreclosure or repossession. The same is true if you are experiencing wage garnishment making it difficult for you to make necessary living purchases. There is much to learn about the filing process through a bankruptcy expert.

Don't be afraid to learn more about the process or delay getting started. This is an opportunity presented by the U.S. Bankruptcy Code to give consumers a fair chance at resolving debt and getting a fresh start.

Categories: Bankruptcy
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