Recent Changes to Bankruptcy Law
In 2005, new bankruptcy laws, sometimes referred to as the Bankruptcy Reform Act, took effect that created new rights and responsibilities for people seeking financial relief through bankruptcy. Unfortunately, false reports have distorted the truth about the effect of new bankruptcy laws.
A number of myths about the new bankruptcy laws have caused many people to think incorrectly that they cannot file for bankruptcy. Other bankruptcy myths have been created that cause confusion about which types of debts may be discharged through bankruptcy.
If you are thinking about filing for bankruptcy, you should know the following:
- Most people in significant debt are eligible for either Chapter 7 or Chapter 13 relief.
- Credit card bills may be discharged through a Chapter 7 bankruptcy.
- Medical bills may be discharged through a Chapter 7 bankruptcy.
- A Chapter 13 bankruptcy could help you avoid a home foreclosure.
- Bankruptcy can put a stop to a wage garnishment.
- Credit can be restored after bankruptcy more quickly than you may believe.
If you are struggling with debts you cannot afford to pay, do not suffer a day longer without contacting an attorney. An experienced bankruptcy lawyer can provide accurate information about your legal options that will allow you to make an informed decision about bankruptcy.
Bankruptcy is not the right answer for everyone. For many people struggling with an unmanageable debt load, however, it can be a new path to a brighter financial future.
Contact a Northwest Indiana Bankruptcy Attorney
Knowing your rights is the first step to protecting your rights. If you are struggling with debt and need to speak with a local Indiana bankruptcy lawyer, contact attorney P. Jeffrey Schlesinger, in Merrillville, Indiana.
