You Get Immediate Relief After You File a Chapter 7 Bankruptcy. Once you file for protection, an automatic stay goes into effect, preventing your creditors from calling, writing or taking any other legal action to collect the debt. A Chapter 7 bankruptcy petition can also stop foreclosure proceedings, wage garnishments and repossession actions. Filing for bankruptcy is a legal process that either reduces, restructures or eliminates your debts. Whether you get that opportunity is up to the bankruptcy court. You can file for bankruptcy on your own, or you can find a bankruptcy lawyer. Bankruptcy costs include attorney fees and filing fees. If you file on your own, you will still be. Jan 29, · You should not file for bankruptcy if the bulk of your debts are not dischargeable. Debts that are not dischargeable include child support arrears and certain court judgments, such as those based on fraud or breach of a fiduciary duty, and certain types of tax debts. If your debts are non-dischargeable, there is no reason to file for bankruptcy.
When you file for protection under Chapter 13, an automatic stay goes into effect, which prevents your creditors from calling, writing or using any other means to collect the debt, other than through the bankruptcy proceeding. The automatic stay will suspend foreclosure or repossession actions, as well as wage garnishments, giving you time to get back on your feet financially. In many instances, you will be able to reduce the amount you have to pay, sometimes to as little as a penny on the dollar, by entering into agreements with your creditors.
A Chapter 13 bankruptcy can be ideal for someone with large medical bills or credit card debt, allowing you the opportunity to keep most or all of your assets and enter into payment arrangements that are workable. Categories: Bankruptcy , Bankruptcy Explained Series.
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Bankruptcy Should I File for Bankruptcy? By Jennifer White. Dear Experian, I have multiple charged off accounts and want to know if I should file bankruptcy or try to pay off the debt? I owe quite a bit. Dear AER, There is a lot to consider before deciding whether or not to file for bankruptcy. Things to Consider Before Filing Bankruptcy In both cases, having a bankruptcy in your credit history will seriously affect your ability to obtain credit for as long as it remains on your report.
You May Have Other Options Other Than Bankruptcy With debt consolidation , you may be able to roll all your debts into one new account, enabling you to pay off your past due amounts and make one monthly payment going forward.
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