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Bankruptcy Offers a Fresh Financial Start

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Are you struggling to pay basic living expenses as you watch interest mount and juggle debts in an attempt to keep multiple creditors at bay?

You may find yourself in overwhelming debt for many reasons: job loss, divorce, medical problems or just a miscalculation that spirals out of control.

When you're in debt, it's not just bad for you; it's bad for everyone. It puts you and your whole family under stress. That stress may affect job performance and other areas of life, and the ongoing financial crisis means the family’s contributions to the economy are limited.

Fortunately, help is available. Bankruptcy is intended to relieve that stress, helping you, your loved ones and the entire economy.

The U.S. Bankruptcy Code Provides Relief for People in Debt

The purpose of bankruptcy is to give people struggling with unmanageable debt a fresh financial start. The U.S. legislature created this process to give Americans struggling with unmanageable debt relief and allow them to build more stable financial foundations. The two most common types of bankruptcy for individuals and married couples are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the solution of choice for many debtors who have large unsecured debts and few assets. In a Chapter 7 case, most unsecured debt—debt such as payday loans, other unsecured loans, medical bills and credit card debt—can be legally eliminated. When a Chapter 7 case is successfully completed and a discharge is entered, creditors may no longer pursue payment of discharged debts.

A straightforward Chapter 7 case may take as little as 4-5 months to complete, leaving the bankruptcy petitioner free of most unsecured debt and able to begin rebuilding credit, planning for the future and even saving money.

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Chapter 13 Bankruptcy

Chapter 13 bankruptcy generally helps people who have regular income, but have fallen so far behind on their bills that they’re unable to catch up. A Chapter 13 repayment plan can break the cycle and create a manageable timeline for repaying past due balances across three to five years.

Some debtors also opt for Chapter 13 if they have significant secured debts, have assets that would not be protected in a Chapter 7 case or do not qualify for Chapter 7 bankruptcy because their income is too high relative to their outstanding debts.

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Bankruptcy Can Provide Immediate Relief

In most cases, an automatic stay takes effect as soon as the bankruptcy petition is filed. The automatic stay prohibits creditors and debt collectors from taking any collection action. That means collection calls, law suits, threatening letters, repossession, foreclosure and even wage garnishment must come to a halt immediately. Creditors and debt collectors who continue collection action without permission from the court can be sanctioned by the bankruptcy court.

Datta Law Group also handles Chapter 11 Bankruptcy for individuals and businesses.

Take the First Step Right Now - Talk to a Bankruptcy Attorney

The best way to find out whether bankruptcy is the right solution for you is to consult a local bankruptcy attorney. Your financial problems won’t get better until you take action, so why not schedule a free consultation right now? Just fill click on the button below or call us at (562) 257-6576.

“Bankruptcy Guru!!”

― Erin Nelson-Johnson

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