Bankruptcy may seem like an overwhelming experience. However, filing for bankruptcy is simple, especially with a little help from the Bankruptcy Law Center. If you have questions about bankruptcy, call and ask us. We’re here to help you every step of the way and ensure that the filing process goes as smoothly as possible.
Once the process is complete you can focus on life after bankruptcy, start saving money and focus on rebuilding your credit score. If you’re considering personal bankruptcy, here’s what filing can do for you.
Eliminate Most Types of Debt
When you decide to file for bankruptcy, we will serve as your advocate and help you navigate through what comes next. The good news is that most people who file for bankruptcy can keep all of their assets. As the bankruptcy process moves along, it will be important to determine which type you’ll file: Chapter 7 or Chapter 13. Both types of bankruptcy can help you eliminate unsecured debt such as credit cards. They can also halt foreclosure or repossession, as well as stop wage garnishments, utility shutoffs, and debt collection actions.
When the bankruptcy court issues a discharge, you’ll be relieved of your liability to pay back most debts. This prevents creditors from making legal claims against the debts or taking further action against you in any way. However, the timing of your discharge will vary according to the type of bankruptcy you filed. A Chapter 7 bankruptcy discharge order can take an average of three to four months to complete while a Chapter 13 bankruptcy discharge can take three to five years.
Stop Collection Activities and Creditor Harassment
Filing for bankruptcy can have many advantages, depending on your circumstances. Mainly, this process can stop debt collectors from calling you. Once your bankruptcy petition is filed, the court issues an order called the automatic stay. When this happens, your creditors will be informed and must stop pursuing any debt you owe.
A copy of this notice will also be issued to your lawyer, as well as to the U.S. Trustee Program at the Department of Justice. Any creditor who attempts to collect a debt after receiving a notice of discharge can be fined.
Give You a Fresh Start
Bankruptcy is a “second chance” opportunity to rebuild your finances using the protection of bankruptcy laws. As mentioned earlier, bankruptcy makes it possible for you to eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts. It is designed to give you a fresh financial start. It can stop foreclosure on your house and allow you an opportunity to catch up on missed payments.
Bankruptcy also prevents repossession of your vehicle, stops wage garnishments, debt collection, harassment, and restores or prevents termination of utility service.
Need More Bankruptcy Help?
Bankruptcy is a good solution for those who have more debt than they can afford to repay. . But you shouldn’t go about it alone. At the Bankruptcy Law Center, LLP we understand the bankruptcy laws and can help you get out of debt.
We will help you navigate the filing process from your initial petition to your final discharge. If you are interested in filing, be sure to contact any one of our offices located throughout Southeastern Wisconsin.
Contact Bankruptcy Law Center for help with filing for bankruptcy.