Bankruptcy Filing is often considered to be the measure of last resort. However, it is a legal process and a great solution for honest but unfortunate individuals. In our fast changing world, all of us are exposed to financial risks (unemployment, health, family emergency, accidents, and others). The result – we end up deeply indebted.
When in bankruptcy, the debtor is relieved from most of their financial obligations. Although bankruptcy offers relief and protection from unsecured creditors not all the debts can be written off.
Some of the debts that are excluded are:
•Child Support Payments
•Court Ordered Fines and Penalties
•Student Loan debt that is not older than seven years
•Secured Debt i.e. a loan secured by a property
Once the debtor is bankrupt:
•they will stop making payments directly to the unsecured creditors;
•garnishments against the salary will stop;
•lawsuits against them by their creditors will be stopped
When the debtor receives the discharge, they are officially released from the obligation to pay for the debts included in the bankruptcy. The bankruptcy is recorded and kept on the credit record for seven years from the discharge date. In the cases where it is the debtors second bankruptcy it will stay on the credit file for up to fourteen years.
We Can Help You With:
- PERSONAL BANKRUPTCY FILING
- BUSINESS BANKRUPTCY FILING
- STUDENT LOAN BANKRUPTCY
- FREE CONSULTATIONS
- RELIABLE AND PROFESSIONAL SERVICE
- AFFORDABLE MONTHLY PAYMENT PLAN