Will bankruptcy wipe out all my debts?Will I have to go to court?What else do I need to do to complete my case?Will bankruptcy affect my credit?What else should I know?How do I find a bankruptcy attorney?Can I file bankruptcy without an attorney?
What is bankruptcy? Bankruptcy is a legal proceeding that allows a person who cannot pay his or her bills to get a fresh financial start. Bankruptcy falls under Federal Law and all bankruptcy cases are handled in Federal Court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you. If a debt is secured by property you wish to keep, such as a house or car, you must continue to pay that debt. What can bankruptcy do for me? Bankruptcy may make 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. Stop foreclosure on your house and/or allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.) Prevent repossession of a car or other property. Stop wage garnishment, debt collection harassment, release a frozen bank a
Related Questions
- Will bankruptcy wipe out all my debts?Will I have to go to court?What else do I need to do to complete my case?Will bankruptcy affect my credit?What else should I know?How do I find a bankruptcy attorney?Can I file bankruptcy without an attorney?
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