Dealing with a turbulent financial situation is never easy. If you’re going through it now, give yourself some grace. It can happen to anyone.
With that said, if you are thinking about filing for bankruptcy, there are some important things to consider. Read on to learn more.
Bankruptcy Provides Relief to Those Who Need it Most
Bankruptcy can do the following things and more:
- Halt collection calls
- Stop lawsuits and wage garnishments
- Manage debts
Halt Collection Calls
When you file for bankruptcy, you are immediately entered into an automatic stay. After you are entered into an automatic stay, creditors can no longer harass you for repayment, including:
- Call you,
- Write to you,
- Sue you,
- Garnish your wages, or
- Take any action in an attempt to collect your debts.
Stop Lawsuits and Wage Garnishments
The automatic stay also halts any lawsuits filed against you as well as any wage garnishment you experience.
Manage Your Debts
Chapter 7 bankruptcy will help eliminate your debt, however, there are several tests to make sure you are eligible.
Chapter 13 bankruptcy was created for good and honest debtors and reorganizes your debts so they become more manageable and easier for you to pay off. In filing a chapter 13 bankruptcy, you have the ability to consolidate your debts while maintaining your assets and working towards a resolution for debt relief with a repayment plan.
We’re Here to Help
If you or a family member need help navigating your financial situation, we’re here to offer legal guidance. Our nationally recognized team of bankruptcy attorneys genuinely cares and has inspired trust in our clients to help them regain financial independence. Let us help you, too.