Explaining how Chapter 7 Benefits You
When you file for bankruptcy protection, an “automatic stay” is immediately effective. The automatic stay prohibits creditor harassment, repossession, and wage garnishment, seizure of your bank accounts or foreclosure without court approval while your filing is pending. When you take the step towards filing bankruptcy, it can often be the first step towards financial freedom. At K² Legal Services we have the experience and the knowledge needed to handle insolvency successfully, and we guide you in obtaining your fresh financial start.
What is bankruptcy?
Bankruptcy is the process where people legally declare themselves or their businesses insolvent and unable to pay outstanding debts. For individuals or businesses facing financial difficulties, bankruptcy offers a means for finding relief from overwhelming debt. However, different types of bankruptcies are available and some are available only in specific circumstances. You should note that both state and federal laws can apply in your bankruptcy filing, so understanding the protections afforded by them is important.
Paying for Bankruptcy
If you are considering filing a Chapter 7 bankruptcy, you are most likely watching every penny. The best way to pay for a bankruptcy filing is to plan ahead and budget accordingly. Although, at K² Legal Services, we understand unforeseen events happen so that is why we offer a payment plan that works for you. But, please be advised, we cannot file your Bankruptcy Petition until the full amount has been paid. Our bankruptcy attorney is keenly aware of your financial troubles and can provide creative suggestions to help you during this process.
Determining if Filing for Bankruptcy is Your Best Option
Every individual’s circumstances are different, so a qualified debt relief attorney must help you determine if filing a bankruptcy is your best option. As a general rule, if you are drowning in debt, your credit score is already damaged and you have very few assets, bankruptcy is a good option to consider.