Bankruptcy Basics
Laws under the 2005 Bankruptcy Reform Act are designed to help you liquidate or reorganize a variety of debts (not just your credit card debts) including, tax debts, mortgage arrears, back child support, student loans, judgment liens, medical bills, secured loans, and leases to name a few.
In a nutshell, the filing of a bankruptcy grants immediate relief from, creditor harassment, lawsuits, garnishments, foreclosures, levies, and most other creditor related actions cease upon filing. In most chapter 7 cases, the Debtor can permanently stop such creditor actions and wipe out their debts without losing any of their assets. Unfortunately, many people are misinformed about the current bankruptcy laws, and as such, continue to ignore their financial problems to their detriment or resort to other actions that only provide temporary relief.
With all of this in mind, there might be alternatives other than bankruptcy that are better suited to resolve your financial problems. In either event, it is better to take action now and resume control of your life than suffer irreparable consequences from neglecting to take action. If you are ready to take action, contact us so we can help you tailor a solution to put your financial woes to rest.
Chapters of Bankruptcy
Choosing the appropriate chapter of bankruptcy depends on your individual
case. Without allowing a qualified attorney to analyze and evaluate your case before
filing a bankruptcy can do more harm than good. Thus, we recommend that you meet
with us to we can discuss pros and cons of bankruptcy and non-bankruptcy options
before you decide which chapter is right for you.
Chapter 7
Chapter 13
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