CHAPTER 13
File Bankruptcy to Get Breathing Room & Relief from Your Debts!
The decision to file bankruptcy to address your debts is one that should not be taken without the guidance of a local bankruptcy lawyer. We can help you examine how filing bankruptcy – in either the form of Chapter 7 or Chapter 13 bankruptcy – may be able to provide you with the financial relief you deserve.
Are you wondering if you should file bankruptcy to help address your pesky debts? Are you unsure whether you should file Chapter 7 or Chapter 13 bankruptcy? Are you a bit nervous about the possibility of having to file bankruptcy?
If any of these thoughts sound all too familiar in your mind, don’t worry – you’re not alone and you have more power than you think.
this year. In the 12 months ending on June 30, 2008, Chapter 13 bankruptcy filings increased 17 percent from the year before, rising from 294,693 Chapter 13 filings to 344,421 Chapter 13 filings. More than 1.1 million consumers are expected to file bankruptcy in 2008.
If you are to file bankruptcy, you should know that when you file bankruptcy, an automatic stay will be entered by your bankruptcy trustee. What is the automatic stay and what does it mean to you if you file bankruptcy? Basically, the automatic stay is a court order prohibiting further collection actions against you after you file bankruptcy. This means that creditors can no longer pursue collection actions against you after your bankruptcy filing, and that you and your family may finally get the piece of mind you deserve as all late-night phone calls from harassing creditors must stop.
A decision to file bankruptcy should not be made without consulting a bankruptcy lawyer in your area. Having a bankruptcy attorney on your side is a smart way to learn how filing bankruptcy may specifically help you, what type of bankruptcy may make more sense to your situation, and what you need to do if you are to file bankruptcy.
The U.S. Bankruptcy Code may provide you with relief if you file bankruptcy via one of two consumer protections:
Chapter 7 bankruptcy, which is used to excuse (discharge) your credit cards and other unsecured debts, and give you a fresh financial start; and Chapter 13 bankruptcy, which serves the purpose of stopping foreclosure and repossession, allowing you to keep your home and car, and providing you with the breathing room you need to catch up on these debts over time. As you will see below, a lot of Americans have decided to file bankruptcy in the past months in order to break free from their debts.
Filing Bankruptcy Has Helped Others; Could You Achieve Similar Relief?
More and more people have had to file bankruptcy in the wake of unemployment, medical bills and the overall problems with the economy. Take a look at the following statistics from the American Bankruptcy Institute to understand just how many people have recently made the decision to file bankruptcy to attain a fresh financial start.
Consumer bankruptcy filings are on the rise once again – there were 266,767 bankruptcy filings in the second quarter of 2008 as compared to 236,892 filings in the first quarter of this year. Consumers who had to file bankruptcy under Chapter 7 of the U.S. Bankruptcy Code accounted for 67.61 percent of all consumer bankruptcy filings in the second quarter of 2008. In comparison, Chapter 7 bankruptcy filings accounted for 64.37 percent of all consumer bankruptcy filings in the first quarter of
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