Bankruptcy is designed to give the honest but unfortunate debtor a fresh financial start in life. If you find yourself buried in credit card debt with interest rates and penalties so high that you can’t escape, it may be time to consider bankruptcy.
Chapter 7 Bankruptcy is a legal “atomic bomb” to unsecured debt.
Chapter 7 Bankruptcy is a legal “atomic bomb” to unsecured debt. If you qualify for Chapter 7, all of your unsecured debt can be discharged (i.e. you never have to pay it back). Even secured debt, under Chapter 13, can be “stripped off”. For example, if you have a first and a second mortgage, and your home is worth less than your first mortgage, you can “strip off” — or get rid of — your second mortgage entirely.
Bankruptcy is a complicated process. Don’t short-change yourself by going to a non-attorney bankruptcy petition preparer! An attorney will be able to ethically and properly guide you through the complicated Federal Bankruptcy laws.
Contact us today for a free consultation.