The U.S. Bankruptcy Code offers relief for those suffering financial hardship. Because of potential long lasting consequences, bankruptcy is not for everyone. However, for many, bankruptcy is a solution to their financial problems.
Depending on the circumstances, consumer debtors most often choose between Chapter 7 and Chapter 13 cases. Your bankruptcy attorney can explain the differences and help you make the choice most appropriate for you. Once a bankruptcy is filed, creditors and bill collectors will stop calling and debtors can begin the process of rebuilding their credit. Debtors can expect the rebuilding of credit to be a slow process, especially since knowledge of the filing of a bankruptcy will be available to prospective future creditors for some time. on the other hand, from a positive standpoint, the filing of a bankruptcy will eliminate debt, thereby improving your "bottom line" and ability to take on new credit, albeit in a more conservative manner.
If you would like to explore the possibility and feasibility of bankruptcy, please call our office to schedule a free 30-minute consultation.