Stop Creditor Harassment, Foreclosure, Garnishment? File Bankruptcy!

27 Nov Stop Creditor Harassment, Foreclosure, Garnishment? File Bankruptcy!

Filing a bankruptcy petition is not for everyone. But if you are facing foreclosure, are being threatened with having your wages garnished or receiving harassing phone calls from creditors you should seriously consider bankruptcy.

Most experienced consumer bankruptcy attorneys will be able to review your situation and explain your options to you. Take the time to learn about Chapter 7 and Chapter 13 bankruptcy. If you are a family farmer, look into Chapter 12.

Once you file for any of the bankruptcy chapters, an automatic stay is immediately imposed on your creditors, preventing them from doing anything to collect from you. They must immediately stop any action they have already started. If a foreclosure has started or they are garnishing your wages, they must stop. If they have frozen your bank accounts, they must release them. They cannot call you. They cannot write to you in an attempt to collect a debt. They cannot even send you a bill.

Your bankruptcy will have an effect on your credit score, but you will likely be surprised at just what the effect is. Many people actually experience an increase in their credit score when they file a bankruptcy. While the bankruptcy itself pulls down the credit score, the removal of all of the balances due and past due notations often more than make up for the negative effect of the bankruptcy filing itself. And your credit score only improves as the months go by.

Your bankruptcy attorney will explain any negative ways filing bankruptcy could effect you, and what risks there may be. But s/he will also tell you about all of the ways a bankruptcy could help you successfully solveyour financial problems.


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Peter Orville is a bankruptcy lawyer in Binghamton, located in the Southern Tier of New York. He is a member and New York co-chair of the National Association of Consumer Bankruptcy Attorneys.
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