What Is Bankruptcy And How Can It Help Me?
Bankruptcy is a legal proceeding in which a person who can not pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law.
Bankruptcy can help you in a variety of ways. Should you be behind on a car payment or house payment, filing a Chapter 13 bankruptcy case will stop your creditors from foreclosing on your house or repossessing your car and allow you reorganize your debts to pay your ongoing monthly payments along with past due arrears. In many cases, we may be able to cram-down your car payments to the current value of your vehicle and/or “strip” a second mortgage on your home. A Chapter 7 filing can clear you of all your general unsecured debts and help you get a fresh start on life
Related posts:
- What Different Types of Bankruptcy Cases Should I Consider?
- How Can Bankruptcy Help Me?
- What is a Reaffirmation and How Does It Affect Me?
- Will Bankruptcy Show on My Credit Report?
- Will I Lose Property With A Chapter 7 Bankruptcy Filing?
