When most people think of bankruptcy, negative thoughts often come to mind. And no doubt about it, bankruptcy does have some bad consequences. It should by no means be a first choice. But if all other options have been exhausted, and the stress of dealing with financial problems is becoming difficult to deal with, you should know that there are many good things that can be accomplished by filing bankruptcy.
- First and foremost, bankruptcy may make it possible for you to eliminate the legal obligation to pay most or all of your debts. This is called a “discharge”. Bankruptcy exists to give you a fresh start.
- Bankruptcy can be used to stop a foreclosure on your house or mobile home. With a Chapter 13 Bankruptcy, you can even propose a plan to catch up on the payments you have missed.
- Bankruptcy can prevent the repossession of a car or other property.
- Bankruptcy can stop wage garnishments, debt collection harassment, and other creditor actions to collect a debt.
- Bankruptcy can restore or prevent termination of utility service.
- Perhaps most importantly, bankruptcy gives you the upper hand in dealing with creditors. The process allows you to challenge the claims of creditors who have committed fraud, sold defective merchandise or who are otherwise trying to collect more than what is actually due.
If you are overwhelmed by debt, it may seem like your options are limited. Those too good to be true “solutions” that you hear on the radio may sound tempting. Remember though, if it sounds too good to be true, it probably is. Please don’t trust your financial future to someone you don’t know on the other end of a toll free number. At Bond & Botes, we have been helping people like you deal with financial problems for over 20 years. We are local and offer a free face to face confidential consultation with an experienced and licensed attorney. We will help you explore all of your options and make the decision that is best for you.
Brad Botes is a principal of each of the Bond & Botes Law Offices throughout Alabama, Mississippi, and Tennessee. He holds a Bachelor of Science from the University of North Alabama, and a Juris Doctorate from Cumberland School of Law at Samford University. He and his team of bankruptcy lawyers have spent over 30 years guiding people through financial challenges. Read his full bio here.