It is often called bankruptcy protection and bankruptcy relief.
Bankruptcy protects you and your assets from creditors and gives you relief from debt.
The Supreme Court has said:
that one of the purposes of the Bankruptcy Act is to "relieve the honest debtor from the weight of oppressive indebtedness and permit him to start afresh . . . ," …; and that a bankrupt by his discharge receives "a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt,
Perez v. Campbell, 402 U.S. 637, 660, 91 S. Ct. 1704, 1716 (1971)
Internal citations omitted
Here are some common benefits bankruptcy may have for you and your family:
- Stop debt collection:
- Phone calls,
- letters and bills,
- e-mails, and
- lawsuits.
- Stop home foreclosure and repossession.
- Provide repayment for past due mortgage payments.
- Eliminate most unsecured debts such as credit card debts, medical bills and utility bills.
- Eliminate some older income tax debts.
- Give you time to repay newer tax debts.
- Prevents creditors from taking your property.
- Prevents creditors from garnishing your wages.
Evey case is different and every person has individual goals.
Feel free to reach out to me to talk about your individual goals, finances and how bankruptcy may help you get a fresh start.
Rob Kovacs
508-926-8833
