Question By: When claiming the privileges of bankruptcy protection, it is important to understand the different kinds of debt the bankruptcy can help you with. The bankruptcy process is designed to help you get past these forms of debt.
When someone gets a loan, sometimes the creditor will ask for collateral. This is secured debt. The creditor, in other words, feels more “secure” because he has the right to take whatever you put up for collateral in order to borrow the money. In the case of a car, this would be the car itself.
Depending on the type of bankruptcy you file for, you may have a chance to protect the assets used to secure your loan. In other words, you may be able to keep your car, home, or other asset put up as collateral. When the collection process is frozen during bankruptcy, you can get the time you need to get back on top of your payments. Developing a plan can relieve the stress of the debt and get you financially strong again soon.
Regardless of the type of debt you have, a bankruptcy law firm in St. Petersburg, FL, can help you get to a better place financially. Specifically, the Law Offices of Robert M. Geller would be glad to help out. Reach out to them at 813-2545696 or online at AttorneyForTampaBay.com.
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