Do you need to eliminate crushing debt, stop lawsuits, or stop a foreclosure? Our Congress provided bankruptcy as a financial tool for those purposes. Wouldn't it be wise to see if it could work for you?
• Eliminate Debt – The discharge of debts in a bankruptcy case eliminates your legal responsibility to pay most of your debts. It does not eliminate (in most cases) a lenders property interest (lien) in your property, like a car loan or home mortgage.
• Stop Lawsuits – Once your bankruptcy case is filed, an "automatic stay" is imposed on all of your creditors (those you owe money to), That means they can't take any action against you to collect that debt, which also means that all creditor lawsuits against you are stopped while your bankruptcy case is in progress. Then after you receive your discharge of debts, you don't owe that money any more so they can't revive the lawsuit.
• Stop Foreclosure – Once your bankruptcy case is filed, an "automatic stay" (see above) stops any scheduled foreclosure. For how long does it stay stopped? Sometimes forever, sometimes not. See the next paragraph…
Obviously, this is only a broad-brush treatment of a complex subject. But if it interests you, get a consultation (many are free) with an experienced bankruptcy attorney in your area to explore whether bankruptcy would be a good financial choice for you.
For a free consultation, click here or call 415-342-4666