The purpose of bankruptcy is to provide honest people with relief from overwhelming debt. People who are having problems paying their debts sometimes consider bankruptcy as a remedy for their situation. Bankruptcy is a legal process by which you can deal with your debts when you can no longer pay them. By filing for bankruptcy, many individuals find that they are able to get most, if not all, of their bills eliminated; and keep most, if not all, of their property. Other bankruptcy options allow a debtor with a regular income to pay off his or her debt over time while keeping banks, mortgage companies, and other creditors from taking legal action against the debtor. A married person may file alone or jointly with their spouse.
The Rolsma Law Firm specializes in helping honest people like you get out from under the burden of overwhelming debt. Filing for bankruptcy will usually result in an automatic stay being imposed upon your creditors. A stay is simply a legal term meaning that the creditors have to stop what they are doing. In the case of bankruptcy, it means that as soon as they receive notice that you’ve filed for bankruptcy, your creditors must stop pursuing you to collect your debts until the Bankruptcy Court has a say in the matter.
It is human nature to put off seemingly unpleasant things like bankruptcy. However, if you wait too long, creditors can take various legal actions to seize your property through wage garnishment, foreclosure, and repossession. Filing for bankruptcy can stop most creditors in their tracks. Bankruptcy can help you recover from financial difficulty, but waiting too long to file can make recovery more difficult.
If you would like to learn more about your options under the Bankruptcy laws, please give us a call so that we can discuss your situation.
Bankruptcy Basics provides information and videos on different aspects of the federal bankruptcy laws, offering a basic explanation of the different chapters under which a bankruptcy case may be filed. More