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What is Bankruptcy?
Bankruptcy is a legal proceeding conducted in Federal Bankruptcy
Court which allows a person who has more debt than he or she
can pay (called a "debtor") to seek relief from
those debts and collectors of those debts (called "creditors).
Under Federal Law, you (or your spouse jointly) are entitled
to file a Bankruptcy Petition to restructure and reduce or
eliminate your debts and obtain a fresh financial start.
Under the Bankruptcy Laws, you are entitled to file a Petition
with the Court allowing you to keep your home, your car and
your personal belongings from being sold without your consent.
Bankruptcy can stop:
Foreclosures
Repossessions
Law Suits
Wage Attachments
Utility Shut-offs
Evictions
Which type of Bankruptcy is right for
me?
If
you have decided to surrender your home, a Chapter 7 will
discharge and eliminate any remaining balance that is owed
to your mortgage company after the sale of your home, along
with many or all of your other debts. If you have decided
that you would like to keep your home, a Chapter 13 will enable
you to do so as long as you make payments to your creditors
in accordance with a Court-supervised plan. To determine which
chapter is right for you, you should seek legal advice to
determine how you can use the Law to your advantage.
What are the Consequences of Bankruptcy?
Bankruptcy
may appear on a person's credit report for up to ten years
and may interfere with that person's ability to obtain new
credit in the future. However, a person contemplating Bankruptcy
most likely already has a poor credit rating. In these cases,
Bankruptcy may actually improve his or her ability to get
credit, since many of that person's former debts will have
been eliminated.
Both
during and after your case we will show you ways to rebuild
your credit rating using proven techniques.
Call or sign up today for a free
personal confidential consultation!
Get rid of BILLS! Get rid of BILL COLLECTORS!! Get
a FRESH Financial Start!!
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