How Filing Bankruptcy Can Help You – NH Bankruptcy Laws
When thinking about bankruptcy, it is only natural to have many questions about the process and what may happen. Bankruptcy may or may not be the right option for your particular economic situation. Before making a decision, it is essential to have trusted and experienced legal advice and guidance. The Law Office of Joseph M. Annutto can explain how filing for bankruptcy can help you.
Benefits to Filing Bankruptcy
Some of the benefits of filing for bankruptcy are immediate and others will become evident as you get back on your feet. One of the first immediate benefits is a stoppage of harassing collection attempts. Your creditors will have to stop calling you or trying to reach you by mail for settlement of debts. A bankruptcy filing also puts a halt to any foreclosure action or home sale. Another way bankruptcy can help you is by halting attempts to garnish your wages. Once harassment or relentless collection attempts are stopped, you can focus on the next step and get some much needed reprieve from the calls and letters.
Types of Bankruptcy
Chapter 7 bankruptcy results in a great deal of debt being discharged. This includes credit card and other unsecured debts. Having these debts wiped out essentially gives you a fresh start and the clean slate you need to regain some financial confidence. While your credit will be damaged somewhat, the damage will not be ongoing and you will have the ability to reestablish your financial reputation.
Chapter 13 bankruptcy can help you keep assets, including your home. By filing for Chapter 13 bankruptcy and setting up a repayment plan with your creditors, you get to keep what you want and get three to five years to pay back your debts. This gives you the benefit of time to get back on track and handle your finances responsibly. By negotiating with creditors and setting up a repayment plan, the damage done to credit will stop and you can begin repairing that damage.
Chapter 11 bankruptcy can help business owners. This form of bankruptcy allows a business or entity owner to stay in control of day to day operations and decisions. This also helps a business owner settle debts without having to liquidate all he or she has worked for or built.
Experienced Bankruptcy Attorney
Bankruptcy can be a useful tool and help people from all walks of life. It can be the best way to keep debt from snowballing and further damaging credit and causing more stress on individuals, families, or business owners. Our firm knows no one ever plans to be in a position where bankruptcy is the best option. However, when you are in that position, we can help ensure you get the best advice and guidance. Our bankruptcy lawyers can navigate the situation with you and be the compassion and trusted representation you need during this difficult time. Let us review your situation and see how filing for bankruptcy can help you.