To get a handle on your debt problems, bankruptcy may be the fastest and easiest solution for you or your business. You may want to try other options first, but don’t wait too long before filing bankruptcy or you could lose out on some important rights you have under federal law. You should contact a bankruptcy attorney early if you want to save your home or your car.
Bankruptcy law was designed to protect you from your creditors. It prevents continuous efforts from your creditors from contacting you for the purpose of debt collection. Bankruptcy can also stop wage garnishments, repossessions, foreclosures or any other legal action against you to collect on the debt you owe.
Eliminate your Debt
Bankruptcy allows you to legally eliminate many of your debts in what is called a “discharge” at the end of the bankruptcy process. You will have to continue to make payments on a secured property if you wish to keep your home or your car. Filing bankruptcy allows you to catch up on those bills. Sometimes filing bankruptcy can lower your monthly payments on secured debts such as vehicle loans.
By filing quickly, you can prevent your utilities from being terminated, or have them restored if they have already been shut off.
When you file bankruptcy, an automatic stay goes into effect immediately. This helps keep you in your home if you have been threatened with eviction or foreclosure. The automatic stay gives you time to decide if you want to continue making payments or give up the property and have no more legal responsibility for it.
It is important to talk to a Fort Worth bankruptcy attorney soon to prevent loss of any assets or any legal action taken against you regarding your debt. Filing bankruptcy can give you a fresh start by eliminating unsecured debt such as credit card debt and medical bills.