Did you know that declaring bankruptcy in the United States involves the federal bankruptcy court? It's true that some details such as your homestead exemption will vary from state to state, but the main laws were passed by Congress and are administered by a federal judge. How can this federal judge help you with those annoying debt collectors?
Well, in case you didn't realize it, one of the great provisions of bankruptcy is something known as the automatic stay. This means that when you file for bankruptcy with the court creditors are told to keep away from you temporarily while you settle your case. Those annoying bill collectors and creditors cannot even contact you after you have filed for bankruptcy. If they do, they will have to answer for a federal judge and can face hefty fines.
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Now this doesn't mean that the bankruptcy judge is guaranteeing that your credit card bills and other unpaid debts will be wiped away. You still have to go through the process, accompanied by a good bankruptcy lawyer, in order to see whether you qualify for a discharge in Chapter 7 bankruptcy (or a repayment plan in Chapter 13).
At the very least, you'll get some much needed rest from those harassing bill collectors who constantly stress you out. If your case is successful, then you could very well have those bills discharged (which means they would be wiped away).
You obviously have to study your case carefully with the help of a professional before deciding whether bankruptcy is right for you. After all, it can have some long-lasting effects on your credit score and financial reputation. If your situation is bad enough, then these repercussions really won't matter to you. Even so, you want to make sure you are making the best decision for your financial future and that of your family.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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