Bankruptcy allows people who cannot afford to pay their debts a legal pathway to a fresh financial start. A well-defined set of laws and court oversight provide for a predictable and organized way to handle debts. Depending on the circumstances of your individual case, the bankruptcy system can stop collections, wipe out debt, establish a court-ordered payment plan, reduce interest, or avoid foreclosure. If you are struggling to pay your debts, bankruptcy is usually the strongest and most reliable tool to get you back in control of your financial life.
There are many common misconceptions about bankruptcy, and just as many pitfalls for those unfamiliar with the law. If you are considering bankruptcy, consult with a qualified bankruptcy attorney. Often, you can save yourself time, money, and frustration by understanding your options and coming up with a comprehensive plan early.
Meeting with a bankruptcy lawyer does not commit you to filing bankruptcy, but a good lawyer will help you evaluate your options and create a plan that works for you.