Bankruptcy can offer a number of valuable benefits for people who qualify:

     •   Discharging and eliminating debts
     •   Putting an end to creditor harassment
     •   Saving cars from repossession
     •   Stopping the foreclosure process
     •   Eliminating garnishments
     •   Regaining control of finances

While there are many advertised debt relief alternatives, often bankruptcy is the best option for a fresh start. When people approach the Law Office of Jonathan Petersen, they have questions about particular situations and wonder if bankruptcy will improve their life. We work with you to explore your options, list your debts and provide you the best solutions.

Even with all the benefits to bankruptcy, some people still associate negative stereotypes with filing. Today's bankruptcy can be completely safe and secure. Besides your creditors, your attorney and yourself, no one needs to know that you are filing for bankruptcy. In fact, there are multiple benefits to bankruptcy, including:

Discharge

The elimination of debt is one of the most important benefits to bankruptcy. Debt elimination through bankruptcy occurs when a "discharge" is entered by the Court. After you receive your discharge, you are no longer liable for your debts. For most people, a discharge is the chief reason to file bankruptcy.

Automatic Stay

Another benefit of bankruptcy is the "automatic stay." The automatic stay stops collection activities. This means that collection calls, collection letters, foreclosures, car repossessions, lawsuits and garnishments must cease. Typically, the automatic stay starts upon the filing of a new bankruptcy, but additional requirements may exist requiring additional steps.

Save Your Property

A further desirable benefit of bankruptcy is the rescheduling of debts in order to save your property. For example, if you are behind on your house payment or car payment, you may be able to keep your home or car by rescheduling the past due payments allowing you to catch up and become current again.

NOTE: Not all persons qualify for the above described benefits. Please consult with an attorney for further information.

Schedule a no cost consultation with the Law Office of Jonathan Petersen to evaluate your options. Call our 24/7 bankruptcy scheduling line at (219) 240-8585 (Indiana) or (312) 698-8950 (Illinois). Our scheduling line is open every day of the year including holidays to schedule you for a no cost consultation.