Should I Try Private Debt Consolidation As Opposed To Bankruptcy?
Many services offering private debt consolidation are scams, and those who seek these services prior to bankruptcy usually end up having their wages garnished anyway, or finding themselves unable to escape creditors. Once someone has filed for bankruptcy, creditors are prohibited from contacting that individual, whereas in debt consolidation, creditors are able to opt out of the program and continue to pursue the individual who owes them money. In addition, debt consolidation programs don’t usually provide protection from lawsuits, garnishment, repossession, or foreclosure; protections against such actions are only available in bankruptcy.
I Am Afraid Of Losing My Vehicle If I File For Bankruptcy. Is This The Right Choice For Me?
Almost everyone is able to keep their vehicle in a bankruptcy filing. If an individual is concerned about losing their vehicle as a result of filing for bankruptcy, they should discuss that concern with their attorney and formulate a game plan for avoiding this.
Can I Lose My Job If My Employer Discovers That I Have Filed For Bankruptcy?
The bankruptcy code specifically prohibits by law any negative consequences from an employer to an employee as the result of bankruptcy.
I Have Multiple Creditors. Do I Have To File For Bankruptcy On All The Creditors That I Owe?
Bankruptcy code requires that all creditors be listed. Credit card debt, medical debt, and all other similar forms of debt will be eliminated in a bankruptcy. Home mortgage and car loan debt is sometimes treated differently in a bankruptcy due to the fact that many people do not want to lose their home or vehicle in a bankruptcy.
Will I Lose My Retirement Accounts Or Payments From Social Security If I File Bankruptcy?
Personal retirement accounts and social security payments are protected from bankruptcy.
Can I File For Bankruptcy A Second Time If I Have Successfully Completed The First?
Many people go through bankruptcy multiple times. It’s important that once someone finds themselves swimming in debt, they contact my office immediately. Together, we can sort through the types of debt that were eliminated in previous bankruptcies, and determine the best course of action moving forward.
Additional Information On Filing For Bankruptcy In Ohio
Studies show that filing for bankruptcy can significantly reduce a person’s level of stress, provide them with peace of mind, improve their relationships with their loved ones, and improve their health.
For more information on Private Debt Consolidation vs. Bankruptcy, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (937) 247-6447 today.
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