If you are loaded with debt and you're having sleepless nights because of it, perhaps it's time you consider filing for bankruptcy. You may find this move too extreme, but believe it or not, bankruptcy may actually do you more good than harm and can give you some relief from persistent calls from your creditors. It is a better option actually than being sleep deprived and constantly worrying about your creditors.
Filing for bankruptcy may be the only recourse you have right now to get a fresh leaf on your dismal financial situation. The New Bankruptcy Law may be more stringent and the provisions are more difficult to satisfy, but the best part of it still remains. This is the bankruptcy automatic stay clause which stops your creditors from pursuing collection of your liabilities once you have filed for bankruptcy.
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An automatic court order is released which protects you from your creditors until resolution of your case is final. This means none of your creditors can not put claim on your house, cars nor can they garnish your salaries from your employer. In fact, your creditors should not even contact you after you have filed. It is considered illegal for your creditors to continue harassing you and demand for payment. They can be charged for penalties if they violate the court order.
The bankruptcy automatic stay is not a permanent provision, however. At least you are given a temporary rest from all the harassment from your creditors. If the bankruptcy courts decide that you need to pay off during a period of 3-5 years (Chapter 13) then you would still have to settle your financial obligations. However, if you are proven to be eligible for Chapter 7 bankruptcy, then most of your debts will be forgiven and that will give the chance you need to start all over.
Although the new bankruptcy law has become more complicated, it does not mean that filing for bankruptcy is no longer possible. Most people who file usually still qualify for bankruptcy once the requirements of the law are fulfilled. With the help of a competent lawyer, you can still be considered eligible once you go through all the requirements and you have proven without reasonable doubt that you deserve to be granted a Chapter 7.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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