Before pursuing bankruptcy, you should discuss your case with an experienced bankruptcy lawyer. Depending on your situation, bankruptcy may not be your best or only option.
In most bankruptcy cases, real property and personal property have exemptions that cap out at specific dollar amounts depending on whether you're single or married.
In order to get paid, creditors and bill collectors might enlist the help of a collections agency or an attorney. There are three potential ways you could respond to a creditor complaint.
Unsecured debts are stand-alone bills that aren't tied to any property. If you're eligible, Chapter 7 bankruptcy allows you to get those unsecured debts forgiven or "discharged."
Once a judge declares the official amount of money you owe to a creditor, that creditor can take extreme measures to collect. Among these measures are wage garnishment, property liens, and levies.
I like to define the end goal of bankruptcy as eliminating financial risk. My job is to help you identify potential risks like liens and wage garnishments and guide you to resolve them.