Bankruptcy has helped millions of Americans get out of debt and was designed to eliminate debt and stop collections.Speak with a Bankruptcy Lawyer Today
Use the following chart to examine your options, but remember that this chart is for informational purposes only and is not legal advice. Depending on your circumstances, one path may be better for you than another. There are no one-size fits-all debt relief programs.
|Eliminate or Reduce:|
|Accounts Referred to Collections|
|Credit Card Debt|
|When Does the
|In most cases, you STOP paying bills immediately after case is filed. Collection efforts (creditor calls, foreclosure and repossession) are court-ordered to STOP||Typically have to make many monthly payments, including interest & late fees||Typically have to make many monthly payments, including interest & late fees|
|Can it Impact Your Credit?|
|* Discharged in bankruptcy under unique circumstances.
Talk to a bankruptcy lawyer today about your options.
Bankruptcy is regulated by federal and state laws, so while individual state laws may vary, filers can typically expect a similar process no matter where they live. Other debt relief options may be regulated by federal agencies, but each organization typically has its own rules and processes, making it difficult to predict what to expect.
Bankruptcy is often a more powerful tool for those struggling with debt. Bankruptcy's automatic stay is a unique court protection that halts most collection efforts, often for the duration of the bankruptcy case.
Thanks to this court order, bankruptcy can put a stop to lawsuits, repossessions and wage garnishments. Many debt settlement companies won't even sign up clients who are going through any of these.
In addition, bankruptcy filers may often include a wider range of debts in their cases than other alternatives allow. Accounts in collection, payday loans, credit card debts, and medical bills may be eliminated in bankruptcy.
Bankruptcy was designed to eliminate debt and stop collection efforts. Whether you file Chapter 7 or Chapter 13 bankruptcy, creditors are prohibited from making collection calls, giving you peace of mind.
Ask a bankruptcy lawyer if filing bankruptcy can help you.
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