Can Bankruptcy Really Help Me?
Foreclosure and Bankruptcy
A bankruptcy filing will stop a foreclosure proceeding. The Court will issue an order stopping all creditors from trying to collect their debt and also, all lawsuit, from going forward. A foreclosure will be stopped under Court order.
If you have a home equity loan or second mortgage, there may also be the possibility of eliminating your second mortgage. This is known as lien stripping. To be able to advantage of this, the value of your home must be less than what you owe on your first mortgage, in other words, you are upside down on your home.
Eliminating Debt
There are several types of debts, secured and unsecured. A secured debt is one where you have put your property up as collateral, for example your home mortgage or car loan.
Unsecured debt, is where there is no collateral or lien on property, for example, credit card debt or loans from family or friends. Unsecured debt is usually higher risk with higher interest rates. Installment loans, such as student loan are also unsecured debts.
Bankruptcy filing can totally eliminate, partially eliminate, or not eliminate your debt. Student loans are generally not able to be eliminated with a bankruptcy filing, although there was a recent and rare case in which the Courts recently found the student loans were discharged for a disabled woman who could not find employment due to her developmental disability.
Garnishments will Stop
A bankruptcy filing will stop all creditors from trying to collect your debts. A court order will be issued to stop collection efforts, including garnishments of your wages.
If you have not been able to pay your bills, or you have an account that you are disputing, but the creditor continues to try and collect, you may be subject or harassing phone calls, you may be getting letters in the mail, and a lawsuit may have been filed against you. All of these things are very stressful. Garnishments of wages may be threatened or assessed. Bankruptcy filing can stop these proceeding.
Every person's situation is unique. Meet with a bankruptcy attorney to discuss your options. It is important to sit down with an attorney who specialized in bankruptcy law to discuss your individual situation and your needs.
Contact the Law Offices of Marc R. Kivitz at 410.625.2300 for your consultation today.
A bankruptcy filing will stop a foreclosure proceeding. The Court will issue an order stopping all creditors from trying to collect their debt and also, all lawsuit, from going forward. A foreclosure will be stopped under Court order.
If you have a home equity loan or second mortgage, there may also be the possibility of eliminating your second mortgage. This is known as lien stripping. To be able to advantage of this, the value of your home must be less than what you owe on your first mortgage, in other words, you are upside down on your home.
Eliminating Debt
There are several types of debts, secured and unsecured. A secured debt is one where you have put your property up as collateral, for example your home mortgage or car loan.
Unsecured debt, is where there is no collateral or lien on property, for example, credit card debt or loans from family or friends. Unsecured debt is usually higher risk with higher interest rates. Installment loans, such as student loan are also unsecured debts.
Bankruptcy filing can totally eliminate, partially eliminate, or not eliminate your debt. Student loans are generally not able to be eliminated with a bankruptcy filing, although there was a recent and rare case in which the Courts recently found the student loans were discharged for a disabled woman who could not find employment due to her developmental disability.
Garnishments will Stop
A bankruptcy filing will stop all creditors from trying to collect your debts. A court order will be issued to stop collection efforts, including garnishments of your wages.
If you have not been able to pay your bills, or you have an account that you are disputing, but the creditor continues to try and collect, you may be subject or harassing phone calls, you may be getting letters in the mail, and a lawsuit may have been filed against you. All of these things are very stressful. Garnishments of wages may be threatened or assessed. Bankruptcy filing can stop these proceeding.
Every person's situation is unique. Meet with a bankruptcy attorney to discuss your options. It is important to sit down with an attorney who specialized in bankruptcy law to discuss your individual situation and your needs.
Contact the Law Offices of Marc R. Kivitz at 410.625.2300 for your consultation today.
The Law Offices of Marc R. Kivitz is a debt relief agency assisting people in Maryland filing for bankruptcy relief under the Bankruptcy Code.
Serving businesses and individuals in Baltimore City, Baltimore County, Harford County, Howard County, Carroll County, Anne Arundel County and all of Maryland
Contact us for all of your legal financial needs at 410.625.2300
Serving businesses and individuals in Baltimore City, Baltimore County, Harford County, Howard County, Carroll County, Anne Arundel County and all of Maryland
Contact us for all of your legal financial needs at 410.625.2300