At its core consumer bankruptcy exists to give people a fresh start and a second chance. Since the “great recession” began several years ago millions of people in this country have filed bankruptcy. People have found themselves trapped in a cycle of endless debt—struggling just to make their minimum payments each month. Often through illness, divorce, death, job loss, or poor choices people find themselves hounded by unrelenting creditors.
These creditors can garnish paychecks and levy bank accounts. In most states a creditor with a judgment can garnish 25% of a person’s gross paycheck. That’s approximately 40% of a person’s take-home-pay! Most people struggle to live off of 100% of their paycheck let alone only 60% of it. Additionally, these creditors can also “levy” bank accounts by seizing the available funds.
A bankruptcy filing gives someone a fresh start. From the minute a bankruptcy is filed it becomes illegal for creditors to ever contact a debtor attempting to collect on a debt. The automatic stay prevents creditors from garnishing, levying, or liening the bankruptcy filer’s property. The unrelenting stress is gone and bankruptcy filer can begin their new financial life. Credit ratings slowly rise, credit becomes available, and it will eventually be as if the bankruptcy had never happened.
Get the fresh start and second chance you deserve by contacting one of our skilled bankruptcy attorneys today!