Generally discharged with no obligation to pay on them again. Generally discharged with no obligation to pay on them again. You may never have to pay on your second mortgage or line of credit again. Judgment liens can also be removed under certain conditions. Bankruptcy can force the bank to accept a payment arrangement to catch up the arrears over the next few years if you are able to resume your payments. Bankruptcy can stop the foreclosure if you are able to resume payments and slowly catch up the arrears over the next few years. While our office does not negotiate loan modifications, bankruptcy can stall a foreclosure process in order to give you, or your agent, time to negotiate loan modification options Taxes that came due within the last 3 years can be put on a payment plan over the next few years regardless of whether the IRS or Franchise Tax Board wants to be on a payment plan. Older taxes are potentially dischargeable with no obligation to pay on them again. Potentially pay for only the market value of your vehicle instead of the bloated loan balance. A reduction in the interest you are paying may also be available. If you are behind on your payments the car can be paid off through the bankruptcy over the next few years. This can also result in a reduction in your payment. Bankruptcy may relieve you of substantial amounts of debt that are weighing down your credit as well as stopping your obligation to pay on delinquent debts. Your credit may then recover because missed payments are no longer being reported and your debt ratio has improved. Bankruptcy may relieve you of your obligation to pay a creditor even if they have sued you or obtained a judgment against you. Judgments recorded against your real property can potentially be stripped off. If you have a car that was recently repossessed you may be able to recover it if you file bankruptcy before it has been auctioned. Bankruptcy will also stop a prowling repo man from taking your property. Bankruptcy can sometimes release a suspension of your professional license. Contact your licensing agency for further information.