You've been struggling with your finances for some time. Creditors and bill collectors call you every day asking for payment. Your stress is increasing and there is no end in sight. It's time to get in touch with a chapter 7 bankruptcy attorney and start the healing process for your finances. It won't get better by itself, but you'll begin to feel less stress once you file for bankruptcy. Here is what you can expect when you start the process and why you should get it done soon.
Getting Ready to File
An attorney (such as one from Wagner Law Office PC) will do most of the work to prepare the bankruptcy filing. You'll just need to provide the information. The most important is a list of the creditors to which you owe money. This should include account numbers, balances and contact information. You may have to dig around for this information, because you may have stopped hearing from small creditors months ago. Make sure to include everyone to which you owe money because it delays the process if you discover another creditor after your attorney has filed for you.
Once all of the information is together, your attorney will file your request with the U.S. bankruptcy court that serves your area. This is an important milestone, because once the filing is completed, you'll be protected from additional actions and you can begin to relax. The sooner you file, the sooner you'll have less stress over your financial issues because of the following benefits.
Creditors Must Stop Calling You
Once the filing is done, all of your creditors are notified. They must stop contacting you or making any more attempts to collect payment. This includes bill collectors working for those creditors. Late fees stop accumulating and any legal actions against you are put on hold. This will be a major source of relief for you as you start to get your financial life back on track.
Protection of Income and Assets
Your bank accounts and cash are protected once the filing is complete. Your wages cannot be garnished and your bank accounts can't be seized. Any vehicles you own can't be repossessed. Upon filing, the bankruptcy court becomes responsible for determining what happens to your income and assets and your creditors must wait for the court's decision.
Protecting Your Home
If your home is under threat of foreclosure, any action is put on hold once the bankruptcy filing has been completed. The court trustee assigned to your case may decide that trying to sell your house is in the best interest of the creditors, instead of allowing the foreclosure to continue. Until then, you'll be allowed to continue living in your home.
The benefits from filing for bankruptcy make this an option that you should get done quickly. It will give you breathing room to plan how to rebuild your credit and your life.