Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law.
Yes. Many people qualify for bankruptcy that do not realize they are qualified. Depending on your situation, this may be the best option for you.
Creditors (people you owe money to) are not required to work with debt consolidation companies. Creditors can opt to continue with suing and garnishment. However, a chapter 13 bankruptcy is enforceable by federal law. A chapter 13 does the same thing as far as consolidating debts, but if the creditors wish to get paid they must work with the court system and while you are in a chapter 13 they can not sue or garnish you.
That is not necessarily true. Contact a bankruptcy attorney to discuss why.
Student loans, generally can not be discharged.. (There are ways but only in extreme circumstances). However, bankruptcy may be able to modify the payment or interest.
You can keep your home and car in both types of bankruptcy
You can only file once every 8 years with some limited exceptions. If you have filed within the last 8 yrs but are experiencing financial difficulties please contact us.
A Chapter 13 can be up to 5 years.
If you are married both of you are not required to file. There may be certain advantages to filing together or one spouse not filing. This can be explained in detail during your free consultation.
You can only wipe out income taxes in very limited situations. However, a Chapter 13 can stop interest and fees from piling up and may reduce your payment.