The Law Office of Kathleen Walls

What can you do if you are in financial trouble?

There are different ways to handle financial problems.  Find out which one is right for you.

If, for example:

~ your home is in danger of, or already in foreclosure,

~ a creditor has threatened to or has repossessed your car or truck,

~ you are being harassed by creditors,

~ you have lost income or have had a medical catastrophe,

~ or simply can not afford to pay debts and still have enough money to feed your family,

then some form of relief is most likely available to you. 

You should talk with a professional to determine which option would be most helpful. 

We offer a confidential consultation. 

Call  1-800-863-2818 to talk or to schedule a time to come in and meet. 

Whatever you choose to do, you should have all the information available to you before you decide. 

Bankruptcy may make it possible to:

  • Eliminate the legal obligation to pay most or all of your unsecured debts. This is called a "discharge" of debts. It is designed to give you a fresh financial start. Unsecured debt is debt that is not backed up by property (like a mortgage or a car loan).
  • Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)
  • Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.   
  • Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt. Once a bankruptcy is filed, an automatic stay is in place. This stay prevents creditors from taking any action to collect a debt, or taking control of your property. If a creditor deliberately violates this stay, you may request that the Court review the creditor's actions.
  • Restore or prevent termination of utility service.
  • Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.


Bankruptcy can not:

Bankruptcy cannot, however, cure every financial problem. Nor is it the right step for every individual. 

In bankruptcy, it is usually not possible to:

  • Eliminate certain rights of secured creditors. A secured creditor has taken a mortgage or other lien on property as collateral for the loan. Common examples are car loans and home mortgages. You can force secured creditors to take payments over time in the bankruptcy process and bankruptcy can eliminate your obligation to pay any additional money if your property is taken. Nevertheless, you generally cannot keep the collateral unless you continue to pay the debt.
  • Discharge types of debt singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, some student loans, court restitution orders, criminal fines, and some taxes.
  • Protect co-signers on your debts in a chapter 7 case. When a relative or friend has co-signed a loan, and the consumer discharges the loan in bankruptcy, the co-signer may still have to repay all or part of the loan.
  • Discharge debts that arise after bankruptcy has been filed.<br>


Next step - Get Started.
 

 

The Law Office of Kathleen Walls

P.O. Box 793,  7 Seymour Street, Suite 1, Middlebury Vermont 05753

kwalls@debtorhelp.com

802-388-1156

 

The information contained on this site is not intended to be and should not be considered legal advice. The publishing of the information contained herein is not intended to create, and does not constitute any type of attorney-client relationship. Readers should not act upon this information without seeking professional counsel. The information contained herein is provided for general informational purposes only and may or may not reflect the most current legal developments.