Bankruptcy Debt Solutions
People often tell us about their long-time struggles to pay their debts. They manage to regularly make the minimum payments, but they can't seem to ever pay down the debt. Unfortunately, making the minimum payment never gets them closer to becoming debt-free. Bankruptcy solves this problem!
Types of Bankruptcy
Chapter 7 Bankruptcy gets rid of debt through a court-ordered discharge. In a Chapter 7 case, as soon as the case is filed, the debtor is no longer required to make payments to the creditors. When the discharge is approved, the obligation to pay the debt is extinguished forever.
Chapter 13 Bankruptcy allows debtors to pay their debt through a structured payment plan. It allows for payment of car loan arrears and mortgage arrears, as well as delinquent tax debt.
Bankruptcy Immediately Stops Collection Actions
Creditors have various means to collect unpaid debt. They often attempt to collect by filing lawsuits, garnishing wages, seizing bank funds, or filing liens against the debtor's property. If you need to put a stop to creditors' attempts to collect unpaid debt, bankruptcy may be your best option.
The bankruptcy law prohibits creditors from attempting to collect unpaid debt. This protection arises as soon as a bankruptcy case is filed!