Mesa Bankruptcy Attorney
One important benefit of a bankruptcy proceeding is recovering the ability to achieve a good night’s sleep. Constant creditor harassment, seeing the interest mounting on credit card debt, and being afraid to open the mail add up to a stressful drain on your health.
Bankruptcy law exists as a way for a debtor to reorganize or eliminate debt that has become impossible to manage and pay in a timely manner. Chapter 13 will enable you to repay debt under a court-ordered payment plan. Once the payments have been made, the debt is discharged. It is also a way to eliminate most debt under Chapter 7. There is a “means test” to determine which Chapter should be used by each individual petitioning for relief. Once your debts have been discharged, you are free of any personal liability for those debts, and the creditors are prohibited from further collection action. You have a clear future in which to rebuild your credit and achieve your goals.
Once you file for bankruptcy, certain temporary protections will go into effect to allow an orderly resolution of the debt. Foreclosure action, legal proceedings to collect debt, wage garnishments and evictions are all halted by the automatic stay provided by the US Bankruptcy Code. These stays are not permanent, and only allow time to reorganize and possibly salvage a situation, as in the case of foreclosure.
Filing for bankruptcy will straighten out a confused and stressful financial situation. This is a complex process which must be carefully addressed by a Mesa bankruptcy lawyer, with attention on accuracy, the law and with experience with the Bankruptcy Code. For example, if any debts are not declared, even in error, they will not be discharged. Some income taxes are dischargeable but if the tax authority places a lien against any property you own before you file, the lien is not dischargeable and therefore the tax debt covered by that lien will have to be paid before the property is sold. Timing is an important consideration when undertaking a bankruptcy filing.
Our firm, Dodge & Vega, PLC can help you through this process so you emerge free to create your future as you choose. Call us today so we can start helping you.