A debtor files bankruptcy to obtain relief from debt. This can be accomplished through either a discharge of the debt or restructuring of the debt. Once a petition is filed, the bankruptcy case commences.
As soon as you file for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts.
• Chapter 7 - basic liquidation for individuals and businesses
• Chapter 11 - rehabilitation or reorganization for individuals and businesses
• Chapter 13 - rehabilitation with a repayment plan for individuals
Bankruptcy can ruin a debtor's credit for years and may cause embarrassment, but incurring more debt and facing harassing phone calls, letters and possible lawsuits can have the same effect.
You may still discharge your debt and keep your home and car even with the recent changes in the bankruptcy code. Kurt L. James will work with you through the right course of action.
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We are a debt relief agency helping people file for bankruptcy relief under the Bankruptcy Code.
We help you make an informed decision on how bankruptcy might be beneficial for you