Filing for bankruptcy is a complex and confusing process. The attorneys at Hurst & Hurst Law can help you navigate through the procedure. If you have questions or are thinking about filing for bankruptcy, contact us at (859) 209-2101 to speak with an experienced bankruptcy lawyer.
What Is Bankruptcy?
Filing bankruptcy allows you to make a fresh financial start. Bankruptcy is a legal process available to people who are unable to pay their debts. It acts to remove or discharge certain debts that you cannot pay. Bankruptcy is a creation of federal law, and as such, is controlled and handled in the Federal Bankruptcy Courts.
There are several different types of bankruptcy options available. If you have questions about the different types of bankruptcy available contact a qualified bankruptcy attorney at Hurst & Hurst Law.
What Does Filing Do?
When a Petition for Bankruptcy is filed it immediately creates what is called a “automatic stay.” This stops creditors from attempting to collect debts or contact you, at least until after your debts are sorted out according to applicable laws. Bankruptcy allows you to discharge or eliminate the obligation to repay some or all of your debts.
Filing A Bankruptcy Petition acts to:
- Stop foreclosure proceedings on a person’s home and allows a debtor an opportunity to catch up on missed payments (it is important to note that bankruptcy does not automatically eliminate mortgages and other liens on property)
- Stops repossession proceedings on vehicles or other property and can even force lenders to return repossessed property to the debtor
- Can halt wage garnishments, debt collection harassment, and other similar actions by creditors
- Can restore service or prevent termination of utility services
- Allows an individual to challenge the claims of creditors who have committed fraud or are attempting to collect more for a debt than what is actually owed
While bankruptcy can discharge most types of debt it is important to note that not all forms of debt can be discharged during this process. An attorney can help you determine what types of debt are dischargeable and what types are not.
How We Can Help You
If you are facing foreclosure you should seek legal counsel quickly to best protect your home and other assets. The process to file can be complicated and time intensive. So you need to act quickly.
If you are thinking of filing for bankruptcy, contact the attorneys at Hurst & Hurst Law. The advice and help of a competent attorney, experienced with applicable laws and procedure, can help you determine if bankruptcy is the best option for you. If you think you need to file or have questions about filing contact a bankruptcy lawyer at Hurst & Hurst Law at (859) 209-2101.