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If you are in financial difficulty, the good news is you do have debt relief options. At Northwest Suburban Bankruptcy, we work with our clients to inform them of their options and help them get on the road to financial security.
While there are many advertised solutions for debt problems, bankruptcy remains the most consistent way to get a fresh start. With both Chapter 7 and Chapter 9 bankruptcy, the end result is debt discharge. Filing for bankruptcy also offers an advantage no other debt solution can--the ability to stop collection efforts. Harassment from creditors and the threat of losing your home, car and other property plagues debtors. Once you file for bankruptcy, however, an automatic stay goes into effect that temporarily stops these actions.
Bankruptcy has the power to eliminate most of your debt, but there are some types of debts that cannot be discharged. When determining whether or not bankruptcy is right for you, its important to consider what types of debt you owe. Bankruptcy can typically wipe your slate clean in terms of unsecured debt. Certain other debts either remain after a bankruptcy is discharged or must be repaid under the terms of a repayment plan. These include:
Additionally, while Chapter 7 bankruptcy can discharge secured debts such as mortgages or auto loans, it cannot prevent the lender from repossessing the collateral for the loan. Chapter 13, however, can prevent repossessions and foreclosures.
If you are looking for a way out of a distressing debt situation, contact us at Northwest Suburban Bankruptcy.
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