For someone who has been hounded and harassed by bill collectors because they have fallen behind on their rent, car payments or other debts, the first and often most dramatic change after filing for bankruptcy is when all the collection calls suddenly stop. Once you begin the bankruptcy proceedings, the court will issue a "stay" to all your creditors. This means they can no longer call, contact or harass you. They must now deal only with the court which will either order your debts dismissed (eliminated) or arrange for them to be paid back over an extended period of time with no interest. To find out more of the benefits that bankruptcy might provide you, speak to Delaware bankruptcy attorney Peter Schaeffer at Avenue Law. Schedule a free initial consultation and find out your legal rights to bankruptcy protection and debt resolution.
The intention of the bankruptcy laws was to allow individuals or business that are suffering from overwhelming debt to get a fresh start and the opportunity to reorganize and regroup. If your income falls below certain guidelines Chapter 7 bankruptcy can eliminate all your debts while allowing you to keep your basic assets such as your car, home and personal possessions. If you have a regular income, Chapter 13 will give you between 3 to 5 years to reorganize and repay your debts with no interest charges.
For businesses, bankruptcy can provide the ability to reorganize in an effort to become more profitable, preserving jobs and delaying the payments to currents creditors until the business is more viable. When you visit our offices for your initial consultation, we will explain the different programs available and answer your questions on how bankruptcy could help you. Depending on your financial circumstances, bankruptcy may not be the best solution and we will tell you what other option you have available. For a homeowner facing foreclosure, Chapter 13 bankruptcy may be able to prevent that from happening, but it may not be your only solution. To learn what bankruptcy can do for you, speak to an experienced bankruptcy lawyer who has successfully helped others become free from their financial burdens.