To Stop Creditor Harassment and Garnishments
By law, the creditors must stop calling you once you have retained bankruptcy counsel or have filed bankruptcy. By hiring an experienced attorney you can transfer those unwelcome calls to the attorney’s office. Once you file bankruptcy, your attorney will take steps to prevent any further garnishments against wages and other assets.
To Get a Fresh Start:
Bankruptcy often occurs when an individual’s debts significantly exceed their assets or ability to pay. Staying current to maintain a good credit score may not be worth it for individuals who are ineligible for new credit (e.g. debt to income ratio is already too high). A bankruptcy will wipe out all of their current debts. The debtor may then start rebuilding credit approximately 6 months after filing bankruptcy.
To Stop a Foreclosure:
If your financial situation has improved to the point that you can afford to resume regular monthly mortgage payments, you may consider filing for chapter 13 bankruptcy. This chapter of bankruptcy will allow you to resume regular monthly payments while bringing the arrears (missed payments) current over time. – Three to five years. Otherwise, you may file a chapter 7 to get a temporary stay against the foreclosure while you work out other housing arrangements. For more information about the different types of bankruptcy click here