Making the decision to file for bankruptcy is not an easy one. And although it may seem like the end of the world, the truth is that filing for bankruptcy can actually help you get back on track financially. If you're considering filing for bankruptcy, especially under Chapter 13, the help of a bankruptcy attorney can be invaluable. This blog post will delve into how a Chapter 13 bankruptcy attorney can help you navigate the bankruptcy process and help you get back on track.
Filing for bankruptcy is a very overwhelming and stressful process, mainly because it's hard to anticipate what is going to happen next. You're likely filing bankruptcy for the very first time, which means the whole process is new and confusing to you. That's why it helps to know what happens after you file for Chapter 7 bankruptcy.
The Automatic Stay
A huge benefit of filing for bankruptcy is that you will receive an automatic stay from the bankruptcy court.
For those who have a lot of tax debt, garnishment is always a possibility. This is where the IRS garnishes wages until the debt is paid back. If you're currently in this position, here are some important measures to take.
Find Out Why Garnishments Are Happening
You want to know exactly why the IRS is garnishing your wages before doing anything serious. Do you have a lot of debt and have yet to make payments to reduce it?
Bankruptcy refers to the beginning of an end. It's a legal process in which you are unable to pay back your debts any longer. And in order to get out of this debt, you need to file bankruptcy. It stops creditors from coming after you for your debts so you can try to start over. In this process, you may or may not be able to keep some of your assets, especially if you are unable to afford the monthly payments on them, such as vehicles, your home, or other types of sports vehicles such as a boat, motorcycle, or ATV.
Are you considering filing for bankruptcy protection? The amount of relief you can get depends on the specifics of your situation, but one of the most important factors is what types of debt you have. To help you decide on this important step, here are five of the most common forms of debt and how well they can be discharged in bankruptcy.
Generally Easier: Credit Card Debt
Certainly one of the most common forms of debt in America is credit card debt.
