At some point throughout nearly everyone’s life, they struggle financially. When circumstances are out of one’s control, it can feel impossible to keep up with mounting debt. Often, unexpected health issues or legal problems cause a once stable financial situation to become concerning. When this happens, it may be a good idea to consult with an experienced bankruptcy attorney who can determine if filing bankruptcy can allow the individual to get the fresh start they need to achieve financial success once again.
When an individual files for bankruptcy, they may hear about the term “discharging debts.” If a debt is discharged, it means that the individual will no longer be responsible for paying it. This also means that the creditor who provided the loan is no longer allowed to try and collect the money from the person they lent it to. As soon as an individual files for bankruptcy, the automatic stay will go into effect and no additional collection efforts can be made.
It is important to note that not all debts can become discharged when an individual files for bankruptcy. Some debts that are non-dischargeable include debts for property and income taxes, debts that were not listed in the bankruptcy filing, alimony or child support debts, municipal or state fines, student loans, and restitution for a criminal matter.
If you are considering 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.