Bankruptcy is not a last resort. It is a way for a debtor to protect certain legal rights. It can temporarily stop foreclosures, wage garnishments, car repossession, collection actions, creditor calls, and utility terminations.
Depending on which bankruptcy you file it can lower your car payments, help you keep your home, and spread past due payments over time. To keep your home and car, you still must keep up with new mortgage and car payments.
Bankruptcy can get rid of many debts including medical bills, credit card, certain loans and many other types of debts however, you generally cannot get rid of child support, alimony, most student loans, court restitution orders, and certain other debts.
Bankruptcy can be a power took in addressing your financial issues. It is best to consult with an attorney because the rules of Bankruptcy can be complex. Many people think they will have to give up their property in bankruptcy but for the most part that is not true. Filing Bankruptcy can even help with your creditors and credit scores. There are many considerations. Make an informed decision made on facts. If you are worried about your financial situation call The Howze Law Firm LLC at 803-266-1812 to discuss your options.