I always get a lot of “I heard that…” statements whenever people find out that I’m a bankruptcy attorney in Indiana. Many people, never having given much thought to the subject until their debt problems overwhelmed them, are misinformed. They have the mistaken idea that their particular problem can’t be addressed by filing bankruptcy. That’s because they have heard a lot of “CAN’Ts”. I thought it would be good to write one of my blogs about the CANs of bankruptcy.
Bankruptcy CAN often wipe out credit card debts. That’s because bankruptcy is a very good way of addressing unsecured debt, meaning debts where the lender does not have a lien on your property to back up that loan. Chapter 7 and Chapter 13 bankruptcy laws differ when it comes to unsecured debt, but both can wipe out at least a portion of that kind of debt.
In most cases, bankruptcy CAN stop repossession activities.
In most cases, bankruptcy CAN stop foreclosure on your mortgage.
One very, very important thing that filing bankruptcy CAN do is stop creditors from harassing you and your family.
I like to think of bankruptcy as a service that comes in CANs!