We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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BANKRUPTCY
INFORMATION
INTRODUCTION
| A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This information sheet is intended to provide you with a basic understanding of the bankruptcy process, and it cannot explain every aspect of this complex process. If you still have questions after reading it, you should speak with an attorney who is familiar with bankruptcy. |
WHAT IS BANKRUPTCY?
| Bankruptcy is a legal proceeding in which a person who cannot afford to pay his or her debt can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. As a general rule, filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law. In most cases, if your creditors continue to contact you after they learn of your bankruptcy filing, the Bankruptcy Court can punish these creditors. |
WHAT CAN BANKRUPTCY DO FOR ME?
| Bankruptcy
may make it possible for you to: | |
| 1) |
Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts. It is designed to give you a fresh financial start. When the debt is discharged, the debtor has no further legal obligation to pay the debt. |
| 2) | Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. However, bankruptcy does not automatically eliminate mortgages and other liens on your property without payment. |
| 3) | Prevent repossession of an automobile or other property, or force a secured creditor to return to you such property after it has been repossessed. |
| 4) | Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt. |
| 5) | Restore or prevent termination of certain types of utility service. |
| 6) | Lower the monthly payments and interest rates on certain debts, including secured debts such as automobile loans. |
| 7) | Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you actually owe them. |
WHAT BANKRUPTCY CANNOT DO
| Bankruptcy cannot, however, cure every financial problem. Nor is it the right step for every individual. In bankruptcy, it usually is not possible to eliminate certain rights of “secured” The United States Bankruptcy Code provides that some debts are “non-dischargeable.” This means that even after your bankruptcy case is completed, you will remain legally liable for repayment of the unpaid amount of such debts. These debts include, but are not limited to, child support, alimony, certain other debts related to divorce proceedings, most student loans, court restitution orders, criminal fines, certain taxes, and debts incurred through fraud or misrepresentation. Whether certain debts are “non-dischargeable” depends on the nature of the debt and the type of bankruptcy proceeding that is filed.
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creditors. A “secured” creditor is one that has taken a mortgage or other lien on your property as collateral for a loan. Common examples of secured creditors are those who have made an automobile loan and noted a lien on the certificate of title to the automobile or those that have extended a mortgage loan and obtained a deed of trust placing an lien on the real property. You can force secured creditors to accept payments over time in a Chapter 13 bankruptcy proceeding, and bankruptcy can eliminate your obligation to pay any additional money if the collateral is taken back by the secured creditor. Nevertheless, you generally cannot keep property that secures your debt to a secured creditor unless you continue to pay the underlying debt.J.
Baron Groshon, P.A.
417 East Boulevard, Suite 203, Charlotte, NC 28203
704-342-3328
Telecopier 704-342-3358
barongroshon@bellsouth.net
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