Will Bankruptcy Help? What Bankruptcy Can and Can’t Do
If you are in serious financial debt, you know that everyday life can be overwhelming. If you are unable to pay your debts, you may be considering filing for bankruptcy. If you qualify, this can be a way for you to begin a new financial start. If you want to know if bankruptcy can help, take a look at the following list.
This will give you a better understanding of what bankruptcy can do for you (and what it can’t).
- Put an end to harassing creditors. If a creditor is threatening to take your car or belongings, bankruptcy can help!
- Eliminate certain debts. Bankruptcy can erase certain debts. These debts include unsecured debts which means creditors are unable to put a lien on any of your property if you fail to make payments. Most credit card debt is able to be erased with the help of bankruptcy.
- Eliminate some liens. (Some liens are able to survive bankruptcy.) If you follow certain procedures during your bankruptcy filing, you may be able to eliminate these liens.
- Eliminate most student loans. In most cases, this is impossible. In order for student loans to be discharged, it has to be shown that you will not be able to pay your student loans now and in the future.
- Eliminate tax debts. Unless unpaid tax debts are very old, it is a challenge trying to have these debts discharged.
- Stop secured creditors from repossessing your property after your bankruptcy proceeding is completed. While bankruptcy can eliminate debts, if you have a secured debt, the creditor is still able to repossess the property.
- Eliminate alimony and child support. These obligations survive bankruptcy. You will have to continue making payments.
- Eliminate non-dischargeable debts. Other debts are not able to be discharged. These include: debts not listed on bankruptcy papers, fines related to past crimes, and debts from death or serious injury caused by a DUI.
For bankruptcy help, call Geygan & Geygan
If you are considering filing for bankruptcy, it is important to discuss your situation with a qualified bankruptcy attorney. With the help of a professional, you can better understand your options and the laws related to bankruptcy.
Consult with experienced bankruptcy attorneys to guide you throughout the bankruptcy process. Contact Geygan & Geygan. Call (513) 793-6555, or email firstname.lastname@example.org. Our office is located in the Kenwood area of Cincinnati. CALL NOW!