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Due to certain financial downfalls, you may be facing debt problems. At such times, a bankruptcy filing can act as a powerful tool to safeguard you from the creditors. When you are getting mad with the constant reminder calls form the creditors, and facing serious collection actions, bankruptcy can be the remedy to all problems. With a few exceptions, all the lawsuits against you and the wage garnishments will stop the moment you declare insolvency. It will also help to eliminate other debts like the medical bills, credit card payment dues, personal loans, etc.
Will bankruptcy stop the creditors?
No- bankruptcy filing will not stop the creditors once and for all. It will not also permanently wipe out the financial obligations. You can’t avoid paying up for the student’s loan unless in some way you can prove some real hardships. If you have been paying for child support and any alimony, you will have to continue paying the debts along with the regular tax dues. You need to read more for understanding the extent to which the bankruptcy can safeguard you. There are of course limitations for the insolvency declaration.
Stopping the continuous harassment
The most important thing that you can achieve by filing the bankruptcy is preventing the creditor harassment. The bankruptcy will allow you to get rid of some obligations and give a fresh start to repay the rest of your debts. With the filing, the court will immediately place an automatic stay order. The order will stop all the creditor calls, lawsuits, and the wage garnishments. The creditors will be only liable to collect the support payments. The criminal cases against you, if any, will proceed in the usual way. In a way, it will give you some mental peace along with the scope to revive the financial condition gradually.
Disclaimer: “No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.”
