Is Bankruptcy Right For You?
What is bankruptcy? Bankruptcy is a legal proceeding in which a person (or a husband and wife) who cannot pay his or her bills can get a new fresh financial start. The right to file for bankruptcy is authorized by federal law. Filing bankruptcy immediately stops all of your creditors from calling you, writing you and seeking to collect debts from you, at least until your debts are sorted out according to the law. O.W.D Law will put a STOP to phone calls and letters once you hire our firm.
Bankruptcy may make it possible for you to:
- Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts. It is designed to give you a new financial start.
- 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.
- Keep property (such as a car or furniture) from secured creditors and pay nothing for it or a fraction of what you owe. A secured creditor is a creditor who has taken a mortgage or a car loan or other lien on property as collateral for the loan. An unsecured creditor is usually debt like credit card debts or medical bills.
- Force secured creditors, like your mortgage company or finance company, to take more convenient payment plans.
- Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.
- 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.
- Get money back from creditors you have paid in the last 90 days. Most people, and even some lawyers, don’t know this. Our firm has successfully put money in our client’s pockets from money they paid to creditors.