Bankruptcy is intended to give individuals and families a financial fresh start through liquidation or reorganization, under the protection of the bankruptcy court. While there are many chapters in the bankruptcy code, the most common bankruptcy sections for temporary or permanent relief are Chapter 7 and Chapter 13.
Any person 18 years or older may file bankruptcy, regardless of their citizenship status, and married couples may file jointly or individually. Once you file a bankruptcy petition, an automatic stay against all creditors will immediately go into effect. The automatic stay should stop creditors from contacting you about your debts and punishes those who continue to harass you.
Bankruptcy Can Allow You to STOP: foreclosure, wage garnishment, lawsuits, creditor harassment, and repossessions and it can ELIMINATE: credit card debt, medical bills, utility bills, deficiency judgments, personal loans, and junior liens.
Have More Questions about Bankruptcy? Call 877.301.7005 to schedule a FREE Consultation with an attorney at the Stone Haven Law Group to get a better understanding of your options.