Are you ready for a fresh start? Bankruptcy may be right for you

 When contemplating whether you should file bankruptcy a good question to ask yourself is how long you figure it will take you to pay off all the debt you currently have, even without adding interest or other fees to the equation.  Another good way to determine whether it is time to file a bankruptcy is if creditor harassment is bothersome and stressful and either a lawsuit has been filed against you or your wages are being garnished by a creditor.

  Individual consumers have the option to get rid of their debt (discharge) or lower their debt through a debt repayment plan by the filing of either a chapter 7 or chapter 13 bankruptcy.  Chapter 7 bankruptcies are utilized in order to discharge such debts as  foreclosed real estate,  repossessed vehicles, credit cards, medical bills, past due utilities and personal loans, to name a few.  Chapter 13 bankruptcies are utilized mainly to keep a house from being foreclosure upon and sold at a sheriff sale, keep a vehicle from being repossessed and to pay back unsecured debts such as credit cards and medical bills at a minimal amount.  A chapter 13 bankruptcy is a debt repayment plan, chapter 7 is not.

  The current bankruptcy laws in effect determine how often you can file a bankruptcy as well as which chapter of bankruptcy you can file.  The number of people who live in a household as well as the total gross household income is the most important factor used to decide whether a person is eligible for either a chapter 7 or chapter 13 bankruptcy.

  As soon as your bankruptcy case is filed creditors are stopped from contacting you in any way.  Creditors are also prohibited from suing you, garnishing your wages or attaching judgments.  This is because federal law, the US Bankruptcy Code, is in full effect as soon as your bankruptcy case is filed.

 If you think you are ready to make a fresh start for your financial future consider taking the time to contact a bankruptcy attorney! 

http://www.chomiprag.com

Article Source: http://www.articlesbase.com/bankruptcy-articles/are-you-ready-for-a-fresh-start-bankruptcy-may-be-right-for-you-1312309.html

My name is Chomi Prag from The Law Offices of Chomi Prag, LLC. I am an attorney licensed to practice in the State of Wisconsin, Federal Courts of Wisconsin as well as the Northern District of Illinois, 7th Circuit Court of Appeals and the United States Supreme Court. I graduated from Syracuse University College of Law, Syracuse, NY, with my law degree and Marquette University, Milwaukee, WI, with my bachelor's degree. I operate two offices in the State of Wisconsin. Always open to exploring the legal world with my clients! You can find more about my practice and bankruptcy by visiting my website! http://www.chomiprag.com