There is a large misconception that if a person files for bankruptcy, they will lose their house and their car. That is simply not the case.
Under the terms of Chapter 7 bankruptcy, credit card balances, medical bills, certain types of loans, back taxes and other forms of unsecured debt can be discharged. Discharging your debt means that you are no longer legally obligated to pay those debts. The protections offered by Chapter 7 bankruptcy can give you the fresh financial start that you need.
Additionally, and perhaps most importantly for some people, as soon as you file for Chapter 7 bankruptcy an automatic stay is placed on creditors, temporarily halting foreclosure proceedings and collection actions. After a filing, creditors and collection agencies must contact your attorney, putting an end to the harassing phone calls and angry letters you are now getting.
Rudikh & Associates, LLC is here to help you get relief from mounting debt. Contact us online or call us at (732) 993-3634 to learn more about our bankruptcy services. We can help you regain your financial footing and put an end to harassing calls from creditors.
Rudikh & Associates, LLC works closely with people dealing with mounting debt due to credit card bills, divorce, medical expenses, adjustable rate mortgages and predatory lending practices. Chapter 7 is so helpful for filers because it wipes away unsecured debt, thus freeing up the money you need to pay monthly expenses like mortgage payments, utilities, student loan payments and car payments.