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Bankruptcy
Facts
The right to file bankruptcy is an important tool which society
provides for people with debt problems. In the short term, bankruptcy
prevents continued efforts by creditors to collect debts. In the
long term, bankruptcy can completely eliminate repayment obligations,
such as credit card debt, so that you can get a fresh financial start.
It
is often stated that bankruptcy should be considered as a
"last resort" for financially troubled consumers.
It is important to get early advice about
bankruptcy if you are hoping to use the bankruptcy process
to help save your home or your car.
If
you are considering bankruptcy, please call and speak with a certified counselor about your financial
situation and options.
Types
of Bankruptcy
Liquidation
- Chapter 7
A liquidation case usually takes place under Chapter 7 of
the bankruptcy law. In a liquidation case, your assets are
examined by a court appointed trustee to determine if anything
is available to be sold for the benefit of the creditors.
Certain property is exempt in bankruptcy and you can keep it despite the bankruptcy. This property is called "exempt."
Debt
Adjustment/Reorganization - Chapter 13
Debt Adjustment (also called "reorganization") cases
work very differently from liquidations. In a debt adjustment
case, you put forward a plan (meeting the rules set out in
the bankruptcy law) to repay your creditors over time, usually
from future income.
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