Middle-class families often find themselves struggling financially and are unsure of where to turn. When this happens, it may be a good idea to consider filing for bankruptcy. There is an unfortunate stigma about filing for bankruptcy and people should really consider it as a tool that can be used to get a fresh start. Chapter 7 bankruptcy is a great way for consumers to get a grip on their finances when they need help. Speaking with an experienced attorney can help an individual determine if bankruptcy is right for them.
A chapter 7 bankruptcy discharges a lot of different debts. Some of these debts can include credit card debt, personal debt, medical bills, auto payments, foreclosures, and more. It is important to note, however, that student loans, taxes, and some other debts can’t be discharged. Some people are concerned about what they can and cannot get rid of. There is often a certain amount of personal property that is protected in a Chapter 7 bankruptcy.
Another important factor is that when the individual files for bankruptcy, they will be subject to the automatic stay immediately. This requires that there are no more collection efforts from creditors all the way through the end of the bankruptcy proceedings. This can also stop all repossessions and foreclosures.
If you have questions about bankruptcy, contact our firm today.
If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq.today to schedule a consultation and discuss your options.