Never having enough money to pay all of your debts every payday is stressful. If you are in over your head, let us help you find a way out. There are ways to get out of debt and to put an end to the collection calls, letters, and lawsuits. You can ask for a mortgage modification to lower your house payments, giving you some breathing room each month. Or, you can negotiate with your creditors for lower interest rates which will make your payments more manageable. And you can also file a bankruptcy case, which might give you the most bang for your buck.
Three of the biggest benefits and the main purposes for filing for bankruptcy are:
• To end garnishments and other collection activity against you. When you file a bankruptcy case your lenders are no longer permitted to sue you for past due debts. In fact, your lenders are not even allowed to contact you to ask for payment once you file a bankruptcy case.
• To save your home from foreclosure, which can be accomplished in both a Chapter 7 and a Chapter 13 case. A bankruptcy will put a stop to a pending foreclosure, and within that bankruptcy case you can make arrangements to pay for your house and allow your family to stay in the home.
• To eliminate or reduce debt. In a Chapter 7 you get to wipe out all of your unsecured debt and in a Chapter 13 you only have to pay back a portion of what you owe on those debts.
But perhaps the biggest reason to file a bankruptcy case is to discharge your debts. When a discharge is entered the debts are no longer considered due. That means you will not be asked to pay them back, unless you made an agreement in your case to keep making the payments. Discharge is the ultimate goal in a bankruptcy case, and it is easy to get there if you just take the first step and file a case. If you need help getting back on track with your budget, call us today.
For more information about bankruptcy, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.