Commercial Bankruptcy:

Determining If Bankruptcy is the Right Choice

Before deciding if bankruptcy is the right thing for you, it is vital that you understand what it can and can NOT do.

Bankruptcy can:
- Eliminate the legal obligation to pay most or all of your debts (discharge of debts)
- Stop foreclosure on your house or mobile home and allow you an opportunity to  catch up on missed payments
- Prevent repossession of a car or other property or force the creditor to return property if it has already been repossessed
- 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 creditors who have committed fraud or who are otherwise trying to collect more than you really owe.

Bankruptcy can NOT:
- Eliminate certain rights of "secured" creditors who have taken a mortgage or other lien on property as collateral for the loan (i.e. car loans or home mortgages)
- Discharge certain types of debts singled out by the bankruptcy law for special treatment such as child support, alimony, some student loans, court restitution orders, criminal fines, and even some taxes
- Protect co-signers on your debts
- Discharge debts that arise after bankruptcy has been filed