Find information about bankruptcy laws, including answers to some of the most frequently asked questions Bankruptcy law provides a fresh start for those facing overwhelming financial difficulties These videos will give you basic information about the process, the relief it offers, and how to find the legal help you may need.
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Bankruptcy is a legal life line for people drowning in debt
Consumers and businesses petition courts to release them from liability for their debts
In a majority of cases, the request is granted. In the united states, bankruptcy is largely governed by federal law, commonly referred to as the bankruptcy code (code) [1] the united states constitution (article 1, section 8, clause 4) authorizes congress to enact uniform laws on the subject of bankruptcies throughout the united states. Bankruptcy is a legal process for relieving debt that the borrower cannot repay
It’s a measure of last resort that typically requires liquidating assets or entering a repayment plan. The bankruptcy code and bankruptcy rules (and local rules) set forth the formal legal procedures for dealing with the debt problems of individuals and businesses. Bankruptcy is a legal procedure initiated by an individual or a business that cannot pay its debts and seeks to have the debts discharged or reorganized by the courts. Find out how bankruptcy works, what bankruptcy can do, the differences between chapter 7 and chapter 13 bankruptcy, and if you should declare bankruptcy.
One of the reasons people file bankruptcy is to get a “discharge.” a discharge is a court order which states that you do not have to pay most of your debts.
