Bankruptcy
Bankruptcy is one of the main ways to obtain debt relief. This may happen through a restructuring, known as a plan under Chapter 13 or through a discharge under Chapter 7. Most of the Bankruptcies filed are voluntary petitions, chosen by the debtor and these commence at the date of filing. However, a debtor may be forced to file a bankruptcy by a group of creditors and this is an involuntary bankruptcy.
Bankruptcy is a complicated subject, so it is important to have an attorney that is willing to dig into your history to look for debts or assets that you might have missed. Generally, Bankruptcy is a federal Law codified under Title 11 of the United States Code, however due to a interplay with cases and exemptions state law is just as important. Thanks to all of these factors it is important to have a local attorney who can help you through this complicated time.
Discharge is relief of the debt but not all debts are dischargeable. The time it takes to receive a discharge varies depending on the type of Bankruptcy. Once a discharge occurs, the Clerk of the Court mails a copy of the discharge to all parties involved. This notice alerts the creditor that a discharge has occurred and that the creditor should stop all collection attempts. The type of debts that may be discharged vary depending on the type of Bankruptcy chosen.
Bankruptcy is a complicated subject, so it is important to have an attorney that is willing to dig into your history to look for debts or assets that you might have missed. Generally, Bankruptcy is a federal Law codified under Title 11 of the United States Code, however due to a interplay with cases and exemptions state law is just as important. Thanks to all of these factors it is important to have a local attorney who can help you through this complicated time.
Discharge is relief of the debt but not all debts are dischargeable. The time it takes to receive a discharge varies depending on the type of Bankruptcy. Once a discharge occurs, the Clerk of the Court mails a copy of the discharge to all parties involved. This notice alerts the creditor that a discharge has occurred and that the creditor should stop all collection attempts. The type of debts that may be discharged vary depending on the type of Bankruptcy chosen.
Terminology
Discharge: A release for the debtor for certain types of debts. This allows a debtor to be permanently be free of any collection attempt on these kinds of debts. Not all debts are dischargable.
Lien: An agreement or form that allows a creditor attach the debt to a piece of property.
Secured Creditor: A creditor that has a lien on a piece of property
Unsecured Creditor: A general creditor where is no particular piece of property that attaches to the debt.
Trustee: A Court appointed official or one that is appointed by creditors to help manage whatever assets are received by the debtor.
Lien: An agreement or form that allows a creditor attach the debt to a piece of property.
Secured Creditor: A creditor that has a lien on a piece of property
Unsecured Creditor: A general creditor where is no particular piece of property that attaches to the debt.
Trustee: A Court appointed official or one that is appointed by creditors to help manage whatever assets are received by the debtor.
We are a Debt Relief Agency, we help people under the Bankruptcy Code.
