Filing bankruptcy can be a long-term solution for some people, depending on what the debtor is trying to accomplish. The Law Office of Jordan Schwartz handles Chapter 7 Bankruptcy cases. Go to our Bankruptcy Advantages page to read about some of the benefits provided by bankruptcy, in addition to some of these benefits provided by bankruptcy:
- Surrender – If a debtor wishes to dispose of a secured asset (an asset that has a loan attached to it), such as an unwanted car, boat or house, the debtor can accomplish this within the bankruptcy proceeding. This available option frees the debtor from having to go through the process of trying to sell an asset. Debtors will often times choose to surrender an automobile when they feel that it does not make financial sense to hold onto the vehicle. Houses are also frequently surrendered in bankruptcy when the debtor no longer wishes to keep the property, nor do they want to go through the burdensome process of trying to sell the property (especially when they will likely not receive any profit from the sale of the house).
- Stop Creditor Calls – The filing of a bankruptcy will stop creditor calls in their tracks! This is due to the ‘automatic stay’ that immediately goes into effect upon the filing of the bankruptcy. If a creditor continues to call you or anybody else in relation to your debt, they will be violating federal law. Violation of this federal law will result in severe penalties for the creditor.
- Stop Collection Efforts – Once a bankruptcy has been filed, your creditors are no longer allowed to contact you by any means. This means no letters, calls, emails, personal visits and threats.
- Stop Repossessions – The filing of a bankruptcy will immediately stop any repossession efforts on behalf of your secured creditors. Even if your vehicle was already taken into possession by the creditor, we may still be able to force the creditor to return the vehicle to you!
- Stop Wage Garnishment – If your wages are being garnished, a bankruptcy filing can stop the garnishment immediately.
- Lien Avoidance – A debtor in bankruptcy may be able to avoid liens on real property and other assets, thereby eliminating the debtor’s liability associated with the lien.
- Numerous Additional Benefits – Bankruptcy offers numerous additional benefits to debtors. It is necessary to met with an attorney in order to explore these additional opportunities for relief. An attorney at our firm will take the time to explain the various benefits, as well as the drawbacks, bankruptcy has to offer.