If you are considering Bankruptcy have you also considered alternative options? Some of the alternative options consist of credit card consolidation, selling off assets, consumer credit counseling, and debt negotiators. Its surprising to know that most people don't call their creditors to try and work out more manageable terms. Especially in today's economic situation more creditors are willing to help out more than ever before. Most creditors will work out reduced payment plans because bankruptcy does not help them out at all. They would rather lower your payment and actually get paid in the long term than lose all that money the lended to you.
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No matter what got you into bankruptcy make sure you learn from your money mistakes by setting up a better budget plan and developing mechanisms that will help you live within your means. Also start the road of credit repair as a bankruptcy will taint your credit report for 7 years!
When you actually file for a Chapter 7 or Chapter 13 bankruptcy you are personally protected against creditor harassment. This stay can prevent creditors from foreclosing on your property or garnishing your wages at work. These stays can also prevent creditors from repossessing automobiles and other property. If creditors do harass you at this point punitive damages can be obtained if you work with a lawyer.
There are some creditors that are allowed to contact you during filing to obtain payments, such as child support, student loans, and settlements from personal injury losses.
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