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Let us know how declaring bankruptcy might solve your problems. Personal bankruptcy aims at providing individuals with a fresh financial start.
Collection Activity is stopped by Personal Bankruptcy
Once a Bankruptcy is filed, an automatic stay is an order that is issued by the court. This order prohibits creditors from contacting you, it can stop your house from being sold at an auction, or an employer from deducting your wages and so far. It will also stop all lawsuits at the moment. Even though it may be temporary, like in a situation where a lender asks the code for permission to lift the automatic stay, and continue with a foreclosure sale or a lawsuit.
Certain Debts wiped out
The debts that can be discharged by personal bankruptcy include credit card bills, medical bills, personal loans, gym memberships, utility bills, and a lot more. However, there are some debts like child support, taxes, and student loans that cannot be rid of by bankruptcy. Although to discharge them, certain exemptions exist.
Decision on the Chapter to file in
Before you file for personal bankruptcy, you need to know which chapter is best for you. Will chapter 7 filing or chapter 13 filing be beneficial for you. This decision mainly depends on the debt that you owe, the money that you make, and the amount of property you own. A person with a lower income will opt for chapter 7 mostly. Consulting a good attorney is the first thing you need to do while applying for bankruptcy. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the Same. Contact – (888-297-6203).
The main thing that lies on is deciding the chapter you need to file for. If you make a mistake there the entire process goes for a toss.