If you’re like the other millions of Americans in this country, you’ve probably seen a few moments of financial hardship here and there. Everyone sees financial problems every once in a while, however, some of us see them more than others. Millions of people continue to fall behind on their car payments, credit card payments, student loans, mortgages, and much more. It comes to a point at which this kind of debt is simply too much to bare. This is precisely why many people turn to Bankruptcy in Richmond.
For those who don’t know, bankruptcy is basically a legal process that helps those suffering with debt that’s gotten out of hand. Both individual people and entire businesses can file for bankruptcy. However, those considering bankruptcy shouldn’t misconstrue the purpose of the procedure. The purpose of bankruptcy isn’t meant to wipe away all of your debt. Bankruptcy is utilized in order to make your debt much more manageable and prevent you from becoming trapped in debt forever.
When you file for Bankruptcy in Richmond, all actions by your creditors will cease momentarily. This move is meant to protect you until a decision can be made about the debt you owe. At this point, it’ll be considered illegal for your creditors to contact you regarding any debt you may owe. If you’re contacted by a collector, you should speak with your bankruptcy lawyer to see how you can take action.
Bankruptcy filers should also be aware of the fact that their attempts may be denied. A large percentage of those who file for bankruptcy are denied by the courts. When you file for bankruptcy you’re required to detail all creditors that you owe. These creditors are then contacted by the courts, and are made aware of your attempts. Your creditors can file an injunction before a ruling is made. They are allowed to plead their case to the court. If their case is granted, your bankruptcy attempts can be thwarted.
Seek consultation from a bankruptcy attorney at Chandler Pecoraro PLC. Your attorney will review your case and decide whether or not bankruptcy is right for you. There might be other options available that you could take advantage of.
