If you are looking to remedy your debt issues, filing for bankruptcy may be the answer you have been looking for. Before making this decision however, it is important to know what bankruptcy can do for your debt and on the contrary what it cannot do.
First off, bankruptcy can help you wipe out credit card debt and other unsecured debts. Unsecured debts is debt that the creditor does not have any claim on and therefore cannot repossess even if you fail to pay the debt. This is precisely the kind of debt bankruptcy was designed to eliminate.
Secondly, you won’t have to deal with harassment from creditors any longer. Once you declare bankruptcy the collectors won’t be calling or sending you letters any longer.
Bankruptcy cannot however do several things. For example, declaring bankruptcy will not stop a secured creditor from repossessing property or belongings that you still have no paid off or at least made payments toward. Filing for bankruptcy will also not eliminate alimony or child support payments, nor will it wipe out student loan debt. Additionally you will not be able to eliminate most tax debts and other nondischargeable debts such as debts you forgot to list in your bankruptcy paperwork or fines you received for violating the law.
If you have been considering filing for bankruptcy, give the law office of Loomis and Greene a call today. We are bankruptcy experts and we would love to help you get your finances and your life back on track.