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Can bankruptcy really end creditor harassment?

As a resident of Kentucky who is currently struggling with the notion of bankruptcy, you likely have a lot of questions. How does it work? What can it do for you? And most importantly, will all of the benefits people talk about actually apply to your situation? Lonneman & McMahan, PLLC, are here to give you the answers to these questions.

First of all, filing for bankruptcy really will give you many of the things that you have been promised. For example, collection activities including wage garnishment and harassing phone calls must all be halted immediately as soon as you file for bankruptcy. Continuation of these activities is actually illegal, and you will have protection under the law from them.

What about debts? Well, it depends on which type of bankruptcy you file for. Chapter 7 bankruptcy will allow you to wipe your unsecured debts away. This includes medical bills or credit card debt that got too steep for you to keep up with. In exchange, some of your assets may be liquidated. Chapter 13 bankruptcy allows you to avoid liquidation of assets but also creates a payment plan for you to pay debts off with rather than erasing those debts entirely. In both situations, there are some debts that you can't clear with bankruptcy.

If you're considering filing for Chapter 7 bankruptcy, take a look at our web page on bankruptcy, linked here. We dive into the different benefits that filing can provide, as well as the two main types of bankruptcy with their respective benefits and drawbacks.

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