This knowledge is very powerful. Filing a bankruptcy petition, in most instances, concludes a creditor's attempts to collect. Once the bankruptcy is filed, the creditor must leave the debtor alone and can only challenge a debt's ability to discharge the debt in certain circumstances.
However, in most situations, a bankruptcy filing is the beginning of the end of the debt. Debtors can use this knowledge of bankruptcy as leverage to negotiate with creditors. Sometimes, a debtor can settle her debt with the creditor for pennies on the dollar.
Jeffrey F. Levine, Esq.
Singer Pistiner, P.C.
(602) 264-0110
jl@singerpistiner.com
phoenix-bankruptcy-lawyers.com
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