Bankruptcy may be the quickest and easiest way to deal with debt problems. Bankruptcy was designed to help people and businesses get financial relief from their creditors. If you have run out of options to get out of debt, bankruptcy may be the right choice for you. When deciding if bankruptcy is your best option, don’t wait too long because you may lose some important rights.
It would be best if you considered hiring an experienced bankruptcy attorney to handle your case. The legal process is complicated with many rules and paperwork that must be filled out correctly and submitted at specific times during the bankruptcy process.
When you file bankruptcy, a legal benefit you are entitled to is the automatic stay. This stops all collection attempts towards you. All phone calls and letters will stop. Wage garnishments, liens, utility shut-offs will also be put on hold during your bankruptcy case.
If you are facing a foreclosure or your vehicle is about to be repossessed, the automatic stay will help you here also. This will give you time to make a plan for your financial future. Bankruptcy will not hold off legal actions forever. You will need to pay on your home or vehicle if you wish to keep them.
Eliminates Your Debt
Bankruptcy legally eliminates your financial responsibility to pay many of your debts. Most debts will be wiped away in bankruptcy, credit cards, medical debt, payday loans, and back utility bills are just a few unsecured debts that will be wiped away.
If you would like to file bankruptcy, contact a Plano bankruptcy attorney to find out how you can get a fresh financial start.