Bankruptcy

Bankruptcy Basics

Bankruptcy is a legal process which allows a person who cannot pay their bills to eliminate most or all of their debts and move towards a better financial future with a clean slate. The policy behind this process is known as the “fresh start” policy which is designed to allow debtors a clean slate from which to rebuild their finances without the burden of debt that has become too difficult for them to manage. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are overseen by the United States Trustee’s office. In most cases, filing bankruptcy immediately stops your creditors from seeking to collect debts from you.

Bankruptcy can do some or all of the following, depending on your case:

• Challenge creditors who have committed fraud or who are otherwise trying to collect more money than you really owe
• Stop foreclosures, repossessions, or seizures of the other property.
• Stop wage garnishments, debt collection harassment, and similar creditor actions to collect a debt.
• Restore or prevent termination of utility service.
• Eliminate the legal duty to pay most or all of your debts. Known as a “discharge”, it is designed to give you a fresh financial start..

Many debtors are afraid to file debt relief in the United States bankruptcy code for fear that it will permanently “ruined” their credit rating and that they will never own a home again be able to purchase anything on credit again. This is a myth largely propagated by creditors to encourage ignorant debtors to make just one more payment on that dead, even though the debtor cannot afford to do so.

The reality is that most debtors can get back on their feet and “financially and even be able to qualify to purchase a home in three years or less. Also, typically in chapter 7 cases, debtors are immediately sought out for and able to purchase a new car immediately after filing for bankruptcy. Wow results vary from case to case, we had Jennings and Medura have seen similar results to those described above in many of our cases.

We Can Help

We can help people file for bankruptcy relief under the Bankruptcy Code and help them establish the foundation for a new life.

Financial Declaration Form

Fill out the Financial Declaration Form so we can evaluate your situation and suggest the best course of action. Please be honest and forthright with all your financial declarations.