These are extremely trying times for U.S. workers, with thousands of businesses forced to close and let employees go as part of the efforts being made to combat COVID-19. If you’re out of work and having difficulty finding another job, you likely are piling up a long list of bills with no real source of
Utilities — If you are behind in your utility payments and file for bankruptcy, you can discharge the outstanding bills in Chapter 7 bankruptcy and repay outstanding bills through your repayment plan if you file for Chapter 13 bankruptcy. Public utilities such as the electric company, cannot refuse or cut off service because you have
Bankruptcy will affect your credit score but it may also be the beginning of a plan to improve your score.
Two of your most important possessions are your home and car. Its natural to be concerned about them when considering a bankruptcy. There are lots of ways to protect these assets but its not a guarantee that you’ll be able to keep them. Its important to understand that some of your creditors may have a
With the assistance of an experienced bankruptcy attorney, most people lose few assets in an bankruptcy.
Bankruptcy cannot cure every financial problem. Nor is it the right step for every individual. There are four debt problems that usually cannot be completely solved by filing bankruptcy: creditors with liens on your assets, domestic relations obligations, co-signers on accounts and post-bankruptcy debts. Secured Creditors. In bankruptcy, it is usually not possible to eliminate
Federal law prohibits harassment by collection agencies and collection attorneys. The Federal law applies only to collection agencies but some state laws apply to the actual creditors. You can find a thorough explanation of your rights here. If you are being harassed by debt collectors, you should consider the following: Send a “Cease Letter”. A