With all the increases in prices on everything, it is relatively easy to get deeply in debt. One option when that occurs is to declare bankruptcy to discharge the debt. Make an appointment with a Jacksonville FL Bankruptcy Attorney to determine whether the creditors who are harassing you can be stopped.
In legal terminology it will discharge all debts. It will restore utility service, stop foreclosure on a home and prevent your car from being repossessed. If any of your creditors have fraudulent claims against you, this gives you the opportunity to challenge them.
You will have the chance to catch up on mortgage payments, although they will not be erased. You will also continue to owe any liens on your property. This allows you time to make up the missed payments. If a creditor is trying to garnishee your wages, it will block that from happening.
Those demanding letters insisting on payment of bills will cease. The creditors will not be allowed to call you on the phone. Some debts, however, are not eligible for discharge. These include student loans, fines imposed for criminal activity, some kinds of taxes and child support.
The widely used Chapter Seven is known as a liquidation. Property you own is sold and the profits are given to your creditors. Certain possessions are exempt from being sold.
In a Chapter Thirteen, called a debt adjustment, a plan is set up to pay off debt over time. To be eligible to file this type, you must have sufficient income to pay living expenses, plus, make payments on the debt. Usually a five-year period is allowed.
All bankruptcies are federal matters, settled in federal court. A petition for the Chapter Thirteen must meet certain standards. While payments are being made, the creditors are not allowed to add interest to the money owed. The stressful attempts at collection by mail or phone will be stopped.
In legal terminology it will discharge all debts. It will restore utility service, stop foreclosure on a home and prevent your car from being repossessed. If any of your creditors have fraudulent claims against you, this gives you the opportunity to challenge them.
You will have the chance to catch up on mortgage payments, although they will not be erased. You will also continue to owe any liens on your property. This allows you time to make up the missed payments. If a creditor is trying to garnishee your wages, it will block that from happening.
Those demanding letters insisting on payment of bills will cease. The creditors will not be allowed to call you on the phone. Some debts, however, are not eligible for discharge. These include student loans, fines imposed for criminal activity, some kinds of taxes and child support.
The widely used Chapter Seven is known as a liquidation. Property you own is sold and the profits are given to your creditors. Certain possessions are exempt from being sold.
In a Chapter Thirteen, called a debt adjustment, a plan is set up to pay off debt over time. To be eligible to file this type, you must have sufficient income to pay living expenses, plus, make payments on the debt. Usually a five-year period is allowed.
All bankruptcies are federal matters, settled in federal court. A petition for the Chapter Thirteen must meet certain standards. While payments are being made, the creditors are not allowed to add interest to the money owed. The stressful attempts at collection by mail or phone will be stopped.
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