Bankruptcy Des Moines is your chance to eliminate most of your debt and start over. However, it is a common misconception that bankruptcy is going to eliminate all of your debts. While it is a very tool when it comes to getting out of a pile of debt it does have its own set of limitations. It is important for you to make sure you know what kind of debts it wipes out. It is also important to make sure the debts you have will be wiped out by filing bankruptcy.
What Bankruptcy Can Help You With
Bankruptcy Des Moines is going to be able to wipe out any of your credit card debts as well as any other unsecured debts you might have. An unsecured debt is a debt that did not require any kind of deposit or collateral on your part in order to acquire. Unless you happen to have acquired one of those unique secured credit cards, your entire credit card history will be wiped clean. If you have 4 or 5 maxed credit cards on your history this can be a very good thing.
Filing Bankruptcy Des Moines will stop the creditors from calling you or sending you those annoying letters in the mail. You will not be harassed by them at all. In fact, they will be informed that you are filing bankruptcy and they need to leave you alone until the outcome is determined. If you are approved they would not be able to contact you anymore. This is, of course, unless your bankruptcy requires you to make payments for 3 to 5 years to pay off some or all of your debts. When that happens they would still have to leave you alone as long as you paid them off during the 3 to 5 years you were given by the judge.
Filing Bankruptcy Des Moines can also eliminate a number of different liens. A lien just means that a creditor has taken ownership of a piece of your property because you did not pay them. This could be a lien on your home or a lien on your vehicle for example.
