What Happens When You File Bankruptcy?

People typically file for bankruptcy when they can no longer meet their financial obligations. There could be many reasons for this, unemployment, overextended debt, etc.

When you file for bankruptcy you get an automatic stay, which basically protects you from creditors taking actions such as foreclosure and/or wage garnishment.

Bankruptcy will wipe out most credit card obligations, medical bills, and personal loans.

Child and spousal support, newer tax debt, most student loans are among some of the debt that cannot be eliminated.

Before filing for bankruptcy you should evaluate all of your options, as bankruptcy will impact your credit score for years.

Filing bankruptcy is a complicated legal proceeding. You should consult an experienced bankruptcy attorney before proceeding. Call Johnson, Sclafani & Moriarty today to schedule a free in-office evaluation. 413- 732-8356