The Swenson Bankruptcy Law Firm specializes in assisting people with financial problems. Attorney Mart Swenson and his staff have built a strong reputation for protecting the rights of clients ethically and competently while strictly specializing in bankruptcy and debtor/creditor law. Your first conference is free. 1-800-934-0334.

Filing for bankruptcy can help you manage your debts if you owe more than you can pay. Deciding whether or not to declare bankruptcy is a personal decision, but it is a perfectly legal way to manage debt.

When making your decision on your financial issues, you will consider how much you owe, the type of debts you have, your current income, the amount of your savings, and how you could pay off your debt if you do not file a bankruptcy.

People file for personal bankruptcy for various reasons. Many people may file because of excessive medical bills resulting from injury or illness. Also, divorce, losing employment due to being fired or laid off, or change in family status, such as birth or death, all of which can make it difficult to stay current with mortgage and car loan payments.

There are two ways people can file for personal bankruptcy. Chapter 7 is meant for people who have large amounts of debt and lower income. This is the quickest and easiest way to eliminate your debt. However, if your income exceeds the limit set by the court, you may consider filing under Chapter 13.

Declaring bankruptcy can help if you have what is known as dischargeable debts. These are debts which are considered unsecured, such as; credit cards, medical bills, old taxes, personal loans, or court judgments. However, some types of debts are not considered dischargeable, for example; past-due child support, alimony, recent taxes, and student loans. The rules differ somewhat between Chapter 7 and Chapter 13 filings. Attorney Swenson and his staff will help you decide which option is best for your case.

When you file under Chapter 7 or Chapter 13, the court immediately orders creditors to stop contacting you about your debts. This is called an automatic stay, and it means creditors can’t contact you, garnish wages, repossess your car, foreclose on your house, shut off your utilities, or harass you. This automatic stay does not cancel the debts, but it gives you some relief from the stress of having creditors hound you for money, while you proceed through the bankruptcy.

The law surrounding bankruptcy can be complex. Plus, the facts of each case are unique. For more detailed information, please contact Attorney Swenson today for a free consultation.

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