In this day and age, there are a lot of families that are having difficulties financially beneath the weight of substantially high interest on their credit cards. Creditors and banking institutions often bring lawsuits to recover delinquent debts. Personal bankruptcy could possibly stop these types of lawsuits and help individuals with their financial debt problems.
You may already know, but the bankruptcy law was transformed in October 2005. In spite of the change in the law, lots of people will still be in a position to file bankruptcy and get rid of all their debts.
Based on your situation, Chap. 7 bankruptcy filing can do the following:
1) IT CAN GET RID OF THE LEGAL PREREQUISITE TO REPAY CREDITORS. THIS HAPPENS TO INCLUDE CREDIT CARD DEBTS SUCH AS VISA, MASTERCARD, AMERICAN EXPRESS, MACY’S AND PRACTICALLY ALL OTHER CREDIT CARDS AS WELL.
2) BANKRUPTCY DEFINITELY CAN STOP LAWSUITS.
3) BANKRUPTCY IS ABLE ALSO TO ELIMINATE WAGE GARNISHMENTS ON PEOPLE’S SALARIES.
4) THE MOST IMPORTANT THING IS THAT BANKRUPTCY CAN STOP HARASSMENT AT HOME OR WORK.
If you need help, there are plenty of people our there to help. I saw what damage that credit card companies did to people over my 30-year career. I want people to know that they have rights!
The bankruptcy law passed in October 2005 was a very good thing. It was designed to give individuals with financial debt trouble a fresh start. There are attorneys that also advise clients regarding how to handle their credit following a bankruptcy filing.
There is absolutely no truth to the urban myth you need to wait for 7 years with poor credit following declaring bankruptcy. Bankruptcy will probably be on your credit history for 10 years, but even so it’s possible to have good credit in just 3 years. I have had clients in the past that often have purchased cars and qualified for mortgages only 2 to 3 years after filing bankruptcy.
Please, read and research before hiring a bankruptcy attorney. At least do these 4 things before you even pick up the phone or visit a bankruptcy attorney website.
There are thousands and thousands of bankruptcy attorneys and I know quite a few. But, even knowing that many, I only recommend a few that I personally know and respect and they are the following:
David Waltzer at
D. Traywick at
Someone that I really respect is for the layman is Dave Ramsey. To not have a law degree like myself, he is very knowledgeable about when and if to file bankruptcy. The page on his site about bankruptcy is an excellent resource. He has many videos like this one that are good as well: