Bankruptcy is known for providing financial relief in various ways that
help debtors get a fresh start and regain financial control. You may be able to
stop foreclosure, prevent or regain utility service, or
You have the ability to get help through bankruptcy through the following:
- Automatic stay to stop collection attempts from creditors. You can get a better grip on the situation when you don’t have so
much pressure and stress to make a payment with money you don’t have.
You can file
Chapter 7 bankruptcy or
Chapter 13 bankruptcy and receive this protection instantly. The court halts collection action
from creditors (such as garnishments, pending eviction, harassing letters
and phone calls) to give you time to work out a solution.
- Affordable repayment plan. Chapter 13 is an option to consider if you have tried negotiating with
your creditor on your own with no agreement being reached. Maybe you are
facing foreclosure or repossession and want to keep your property. Or,
you have fallen behind on mortgage or vehicle payments and want to catch
up on missed payments. You can pay off what you owe under a restructured
court-approved payment plan that can last up to 5 years.
- Debt reduction or elimination. Chapter 13 may allow you to reduce what you owe on outstanding loans such
as a vehicle depending on what it is actually worth. Chapter 7 bankruptcy
may allow you to discharge unsecured debt such as credit card debt, personal