Bankruptcy Filing Information
Filing Bankruptcy Could Wipe Out Your Debts
Bankruptcy laws are designed to allow individuals stuck with unmanageable debt to find a fresh start and rebuild credit.
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If you're considering filing bankruptcy, you may be overwhelmed by credit card debts, struggling to make ends meet after job loss, or facing foreclosure on your home.
In any of these cases, bankruptcy laws may help you find the debt relief and financial security you need.
Filing bankruptcy can be a stressful time, but you don't have to face it alone. A bankruptcy attorney can help guide you through the process and provide answers to your most critical questions.
Simply fill out our free case evaluation form, and speak with an attorney who can help you explore the bankruptcy option and what it may be able to do for you.
Personal Bankruptcy has Helped Millions of Americans
Each year, individuals across the country turn to U.S. bankruptcy laws to help get a handle on their debts. Bankruptcy laws have help people struggling with:
- Credit card debt
- Excessive medical bills
- Loss of income due to unemployment
- Making ends meet after divorce
- Small business failure
How might bankruptcy help you? The U.S. Bankruptcy Code provides relief to people in financial trouble through two different consumer protections:
- Chapter 7 bankruptcy is used to discharge credit card debt and other unsecured debt, and provide a fresh financial start.
- Chapter 13 bankruptcy allows some people to keep their homes and cars while ensuring the breathing room to catch up on debts over time.
The first step when filing bankruptcy is to determine which chapter of bankruptcy may best address your needs.
In order to file Chapter 7 bankruptcy, you must pass a "means test" to determine if you are eligible. The means test, a requirement under the new bankruptcy law, compares your household income to the median income in your state.
If your income is below the median for your state and household size, you'll typically be able to file Chapter 7 bankruptcy—and in fact, most people who turn to bankruptcy have incomes well below their state's median. If you income is above the median, Chapter 13 bankruptcy may still be an option.
The Automatic Stay - Bankruptcy's Protection Against Creditors
For many bankruptcy filers, the immediate benefit of filing bankruptcy is the automatic stay. The automatic stay is a court order that prevents creditors from calling you once your case is filed—it can even halt foreclosure, repossession and debt lawsuits.
The automatic stay is attached in any type of bankruptcy filing, so whether you file Chapter 7 or Chapter 13 bankruptcy, you can benefit from its protection.
Best of all, the automatic stay truly is automatic. It goes into effect the moment your bankruptcy petition is filed with the court. There's no hearing or court date for it to be enacted, and creditors must argue in front of the judge if they want it lifted. Creditors who knowingly violate the automatic stay and continue collection efforts can face fines.
Learn How Filing Bankruptcy Could Help You
A bankruptcy lawyer in your area can help you understand your options and advise you on your case.
Having a bankruptcy attorney on your side may help you learn how filing bankruptcy may specifically help you, what type of personal bankruptcy may make more sense to your situation, and what you need to do if you are to file bankruptcy.
The next step begins by filling out our free bankruptcy case evaluation form on this page or calling 877-833-2410