Bankruptcy Basics
The basic concept behind bankruptcy is to provide those people who are overburdened by debt with a chance for a fresh start. The filing of a bankruptcy case automatically imposes a stay which bars creditors from attempting to collect their debts by making harassing phone calls, filing lawsuits or by any other means. The automatic stay also stops all pending collection activity such as foreclosures which have already been set, lawsuits which have already been filed and garnishments which have already been served.
A bankruptcy case is essentially complete when the Court enters a discharge, which wipes out most unsecured debts. Unsecured debts are those for which there is no collateral, such as most major credit cards and medical bills. Certain taxes are also dischargeable. People typically have the option in a bankruptcy case of keeping their home and motor vehicles. For most people there are two available types of bankruptcy cases, Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each type of case has certain benefits and which case is best for you depends upon your individual circumstances.
Learn the Difference Between Chapter 7 and Chapter 13 Bankruptcy
At The Law Offices of Charles M. Sabo, P.C., we are ready to help set you free from the burden of excessive debt and the worry of foreclosure and repossession.
"At our firm, I work directly with every client. You deserve to be treated with respect and integrity. Honest representation at a competitive cost has always been the hallmark of our success." — Attorney Charles Sabo
By filing for bankruptcy protection can:
- Immediately end harassing phone calls and letters
- Help you keep your home and car
- Discharge unsecured debts like credit card and medical bills
- Eliminate liens against your property
- Eliminate deficiency balances
- Stop wage garnishments
- Discharge some tax debts
Contact us to learn more about Chapter 7 bankruptcy and what an experienced lawyer can do for you. Call us at 480-820-5931 (Tempe) or 623-842-0180 (Glendale) or send us an e-mail. We have convenient locations in both Tempe and Phoenix to better serve our clients.
