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Bankruptcy Could Save You from Loss of Wages & Property Seizure

  • Dec 28 2018

If you have fallen into serious debt, it could be due to many reasons—from insurmountable medical bills to a nasty and financially devastating divorce. You may be worried about your car being repossessed or your home being taken back by the bank in foreclosure, so stressed out that a good night’s sleep is suddenly as hard to come by as the money needed to pay everything off. Credit card bills are probably causing financial challenge too—and for many consumers in the US, burdensome student loans are playing a major role in debt issues.

It is better to act now rather than later when you are forced to deal with being sued by a litigious creditor or suddenly finding that your checking account has been frozen due to a default judgment; in fact, if you are seriously stressed over money and there is simply not enough income to pay a staggering load of bills, it is time to consult with an experienced debt protection attorney from a firm like Fitzgerald & Campbell, APLC. Debt settlement may be an option for getting your finances under control, but bankruptcy may turn out to be a better solution if you are struggling under massive unsecured debt and worried about issues like foreclosure too.

Although Chapter 13 allows you to keep all your assets and pay them off in a reorganized plan to your creditors within three to five years, if you are eligible to file for Chapter 7 bankruptcy, you could see all your unsecured debt discharged within three to six months. The automatic stay goes into effect as soon as you file, meaning that foreclosure is staved off (usually only temporarily, but still, this gives you enough time to consider how you want to handle either trying to save or give up your home) and all debt collections activity is halted.

Bankruptcy will also discharge any collections lawsuits or default judgments that have been granted against you. This can be especially helpful if you are already feeling the effects of, or are concerned about, having your paycheck garnished (in some cases this could be up to 25 percent of your disposable income), financial accounts frozen, or property seized and sold at public auction.

If you are concerned about impending creditor lawsuits or fighting a default judgment, consult with an experienced law firm like Fitzgerald & Campbell, APLC as soon as possible. A solution can be found to help you through any of these issues, even if a judgment has already been granted.

Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include collection lawsuits, default judgments, and more. Let us review your case and discuss what would work best for you. We are here to help! Call us today for a free consultation at (855) 709-5788 or email us at info@debtorprotectors.com.

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Posted in: Bankruptcy