Bankruptcy As A Debt Elimination Option
Why Is Bankruptcy The Best Choice To Eliminate Debt?
Bankruptcy is fast, easy, and a guaranteed way to eliminate your debts. There are credit counseling agencies who will put you into a payment plan but they take a portion of the payment that you give them and put it in their pocket. Very often, they hold the money in trust and don’t begin to pay your creditors for several months. In that time period, you are being sued. Bankruptcy is actually the best choice to eliminate all of your debt.
Is Bankruptcy Difficult And Time Consuming Like They Say In The TV Commercials?
Commercials are just a sales pitch to get you into an alternative form of handling your debt. Credit counselors are people who did not go to law school, don’t know the details of bankruptcy, and don’t understand that it’s not difficult or time consuming. There are a lot of prejudices about bankruptcy but what people don’t take into account is that it actually relieves stress. It does not take a lot of time to go through a bankruptcy. A Chapter 7 lasts 90 to 110 days from the date you file until the date you receive your discharge. A discharge is a forgiveness of all of your debt except for child support, spousal support, fines and restitution in a criminal case, student loans, and taxes.
Should I Try Private Debt Consolidation Prior To Filing For Bankruptcy?
Debt consolidation services are a very bad idea. Bankruptcy proves itself to be a better choice than debt consolidation.
Will I Lose My Vehicle If I File For Bankruptcy?
If you want to keep your car, you have to continue to pay for it. Don’t stop making your car payment just because you file bankruptcy. You get to keep the car, as long as you can keep current with your payments.
Can I Lose My Job Due To Filing For Bankruptcy?
It’s very unlikely that your employer will find out that you filed for bankruptcy. If, somehow, they found out, there’s a statute that prohibits any adverse action by an employer simply because you filed a bankruptcy.
Will I Lose My Retirement Accounts And Social Security If I File For Bankruptcy?
Your personal retirement accounts are protected by ERISA and your payments from social security are also protected by law. All of these are exempt assets that you will not lose.
Do I Have To File Bankruptcy On All Creditors That I Owe?
In a bankruptcy, you must list all debt. It’s the number one rule of bankruptcy. Some creditors may not be ones that you want to discharge but they all have to receive notice. It’s okay to pay some creditors after you file. Of course you’re going to want to continue to pay your house payment and your car payment, but they must still be listed on your bankruptcy.
Can I File For A Bankruptcy A Second Time If I Have Successfully Had A Previous One Discharged?
A person can only file a Chapter 7 every eight years and receive a discharge. That’s why we very often file Chapter 13 bankruptcies for previous Chapter 7 clients, who’ve come to us within eight years. Those are people who filed within the last eight years but they need relief so bad that they must file some kind of bankruptcy to stop foreclosure or to handle their debt.
For more information on Bankruptcy As A Debt Elimination Option, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (540) 788-2273 today.
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