Should I declare Bankrtupcty?

 
This decision should only be made after determing that bankruptcy is the best way to deal with your financial problems.  You should speak with an attorney who is familiar with bankruptcy and the other options available to you to best address your particlar financial problems.  Bankruptcy cannot cure every financial problem, nor is it a right step for every individual.
 
What CAN Bankruptcy Do For Me?
 
  • ELIMINATE the legal obligation to pay most or all of your debts to give you a fresh start financially.
  • STOP or DELAY foreclosure on your home and potentially provide you an opportunity to catch up on missed payments.
  • STOP or DELAY repossession of a car or other type of property, or force the creditor to return property even after it has been repossessed.
  • STOP debt collection harassment, lawsuits, and similar creditor actions to collect a debt.
  • RESTORE or PREVENT termination of utility service.
 
What Bankruptcy CANNOT do for me?
 
  • Cannot eliminate certain rights of "secured creditors" such as a mortgage or other lien on property as collateral for the loan.
  • Cannot Eliminate certain debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, most student loans, court restitution orders, criminal fines, and some taxes.
  • Cannot protect cosigners on your debts.
  • Bankruptcy cannot solve all money problems.  If your income is insufficient to pay your mortgage and other regular bills you may need to consider making significant and painfyul choices, which may well include a bankruptcy filing.