Filing Bankruptcy Can Provide you with a Fresh Financial Start
If you are struggling with your financial situation you should consult an attorney to learn more about your options under The Bankruptcy Code. Bankruptcy may allow you to discharge debt, protect your home from foreclosure, your car from repossession, and keep your assets. At the end of a bankruptcy case most debtors will receive a discharge that permanently shields them from liability for most of the debts listed in the bankruptcy schedules. Some types of debt are not dischargeable. These include income tax, student loans, child support, and criminal fines. However, there are some situations where even these types of debts can be discharged.
As a bankruptcy lawyer in McKinney, Texas, I know that bankruptcy has an advantage over some other types of debt relief programs. Bankruptcy is controlled by federal law, which means creditors are forced to follow the rules under the Bankrupty Code, unlike debt settlement where the debtor is often at the mercy of the creditor. Bankruptcy may allow you to discharge debt with no repayment to your creditors. While in the bankruptcy process debtors are protected by a federal injunction called the automatic stay. The automatic stay stops creditors from all attempts to collect debt incurred before the case was filed.
There are eligibility limitations for the different types of cases. In addition, state law must be considered in bankruptcy cases as well. Debtors considering filing bankruptcy should speak with a local bankruptcy attorney for advice on their specific situation. If you are struggling with your finances or are in danger of losing property to a creditor, you should consult with a bankruptcy attorney immediately. Most bankruptcy attorneys offer free consultations.