What is Bankruptcy..What Does Bankruptcy Mean?

Woman Overwhelmed With Debt

Bankruptcy is a legal procedure by which the courts release the debt of an individual, business, corporation or trust that has found it’s self with an overwhelming amount of debt.  To set an environment where there is time for the debtor to consult with a bankruptcy lawyer or trustee, a stay against creditors is put in place.  In other words creditors are denied access to the debtor and cannot continue to pursue the debts or garnish wages, the matter is now left for a trustee appointed by the courts to negotiate. 

If you are visiting this website you are most likely interested in learning about filing bankruptcy but much must be considered before you decide to take this step.  We will try to provide as much information as possible about bankruptcy rules of procedure so that you may determine whether or not you think you are a candidate for bankruptcy and if so what type is best for you.

Where to begin if you are considering bankruptcy

If you are wondering “should I file for bankruptcy,” well the first thing to do is to gather a clear and concise list of all your debts, assets and earnings.  It is also beneficial to be aware of your payment schedules, minimum payments and your equities; if any.  Once you have all this financial information gathered you need to take it and get some advice from a professional who is an authority in the area of debt, bankruptcies and proposals.  This will be a debt consolidator or lawyer in your area. 

Just a note, there are some reputable paid services out there if you do your due diligence you can probably find them but for your initial consultation stick to a free option.  Most credit or bankruptcy lawyers will sit down with you for an initial consultation free of charge.  In this debt consultation you will get about 60 minutes of the lawyers time.  The information that you gathered concerning your earnings, debts, payments etc., will come in handy as they will need this to accurately access your situation. There is nothing embarrassing about seeking this advice, in fact, it is the intelligent thing to do and shows that you are being proactive.  There are many people for varying reasons that are currently overwhelmed with debt.  Regardless of the reason everyone deserves help and a second chance.

What This Blog Will Do For You

This blog will give you access to many things including informative posts articles and calculators that you can use to assess your financial situation honestly.   We hope you will get most of your questions answered here.  Bankruptcy laws can vary from state to state so we will be providing some more specific bankruptcy information available for several states.  You will find many articles on bankruptcy rules of procedure, types of bankruptcy and how to file for bankruptcy.  You will find articles on how bankruptcy can impact your family including writings on bankruptcy and child support and bankruptcy and divorce.  How long does bankruptcy take is another topic we will be exploring as well as the different chapters including the most popular – bankruptcy chapter 7, bankruptcy chapter 13 and chapter 11.  We will also provide you with valuable information about proposals and other alternatives to bankruptcy. 

Our main goal is to have you leave our website feeling more informed and hopeful about your current situation.

2 Responses to Home

  • Tracey

    Great info I am currently in a financial bind. I am the one out of work though and my unemployment is about to be maxed. I’ve run out of options and I don’t know what to do. I think that filing chapter 7 bankruptcy may be a good option for me being in the position that I am in. I never thought I would be in this debt crisis but I’ve learned. Thanks for the great info!

  • Kelly says:

    Thanks for the info. I have been really down lately because of finances. It has also really taken a toll of my relationship and it seems like we are fighting all the time. We were looking into chapter 13 bankruptcy because a friend told me you get to keep your stuff but not really they still go after you and try to get something of value if you have it, this is what I recently found out. I’m just holding on for some kind of hope, I don’t want to lose what we have worked so hard for. Any suggestions for alternative ways to avoid bankruptcy?

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