The Basics of Bankruptcy
If you are unable to pay your debts, you may want to seriously consider bankruptcy. Although the thought of bankruptcy may seem frightening, like most things, it becomes less frightening the more you know about it. We urge you to come in and discuss your situation with us.
Bankruptcy is a legal process in which people with overwhelming debt can regain financial footing. Depending on the type of debt and the form of bankruptcy filed, you can have some or all of your debt erased. Immediately after filing bankruptcy, garnishments, repossessions and foreclosures can be stopped.
Consumer debtors may file two types of bankruptcy. Chapter 7 bankruptcy is considered liquidation, while Chapter 13 is a repayment plan of some or all of your debts.