"Bankruptcy isn’t always the best option for everybody, however for some it is the only alternative allowing one to be free from debt that only accumulates and increases with every late payment"
Bankruptcy isn’t the perfect solution and it doesn’t erase your debt or obligations to your creditors. Bankruptcy facilitates a median where you can force your creditors to meet your current obligations with what you can currently afford.
Bankruptcy allows individuals, even businesses and corporations to organize their debt to where it is manageable. Bankruptcy can stop your creditors from ruining your life with harassing phone calls and intimidating collection tactics.
Different Types of Bankruptcy available:
Stop Bill Collectors
Stop payday loans
Stop tax garnishment
avoid bad credit
get help with student loan debt
get help with judgements
get help with back taxes
Change in bankruptcy laws still provide assistance and relief
New Bankruptcy Laws went into effect on October 17, 2005 which discouraged many debtors from filing bankruptcy. In the previous system, debtors were allowed to get more debt discharged completely which allowed the bankruptcy petitioner to walk away free and clear of much of their debt. The new bankruptcy laws have changed, in particular that they require in most cases payment plans of the debt without complete discharge.
Bankruptcy today is still very beneficial for those who are facing overwhelming debt and harrassment by creditors. The new laws do make eligibility requirements stricter and the amounts of debt that is discharged less, however there is still plenty of relief that is only available by filing bankruptcy under Chapter 7, Chapter 13 and Chapter 11. Protection from creditors and the discharge of certain debts are still available and only by filing for one of the forms of Bankruptcy.
If you still have questions about how the new bankruptcy laws affect you, call today and consult with one of our Bankruptcy Lawyers.