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If you cannot pay your debts, If you are receiving collection letters and telephone calls from collectors demanding payment or dealing with a law suit, Bankruptcy may help you. You do not have to hide from Collection Agencies. One of the major aims of bankruptcy law is to assist a financially distressed person by giving the person an opportunity to make a new financial start. Filing bankruptcy generally results in the discharge, or release from obligation, of your debts or at least of many of them, so that no further legal action can ever be taken against you on those debts. In short, Bankruptcy gives you a fresh financial start.
Many people ask, Will I have to give up all of my property if I file for bankruptcy?? The answer is that you usually will not. The law recognizes that some things are necessary for a person's survival. Certain property - like your working tools, insurance, household furnishings, radio, television, musical instruments, some savings accounts, your automobile, and your home - are exempt. Exempt means that you will be allowed to keep certain property as long as the value of each does not exceed certain amounts and you take the proper steps to claim the exemption in bankruptcy. Bankruptcy is a Powerful Federal Law to Eliminate Past Bills and Stop Expensive Lawsuits and to Protect your Pay-Check, Your Car, Home and Furnishings. You can Get Immediate and Permanent Relief from Creditors Who are Prohibited to Contact You from the Very Day You File. Stop Garnishments and Foreclosures.
