However, bankruptcy is an appropriate and legal response to those situations when there is no better alternative. There is no minimum amount of debt required in the bankruptcy laws. Some people who do not owe very much will need to file a bankruptcy because their income simply does not permit them to pay it. And others who owe a substantial amount of money might have an income that will permit repayment over time, and they may decide against bankruptcy. A bankruptcy is designed to give individuals a fresh financial start, with very few restrictions once the bankruptcy has been filed.
Most people can keep bank accounts, real estate, and all other property.
I will advise you of exactly how the law will affect your particular situation. You have a right, once a bankruptcy has been filed, to be free from almost all collection activity, lawsuits, harassing telephone calls, wage attachments, and the like. Once you are a client, you may always refer such matters to my office. Once a bankruptcy is filed, the Clerk of the Court writes to your creditors and orders all collection activity to stop. It is against the law from that point on for any creditor to take any action designed to collect a debt that has been discharged in the bankruptcy.