It can happen to just about anyone. An unexpected event—the loss of your job, an injury or illness, or a divorce—can suddenly make it impossible for you to meet your financial obligations. The American bankruptcy laws were enacted to give people the opportunity for a fresh start—to put behind them the stress and anxiety that come with financial challenges. And the more you know about the law, the process and your rights, the more effectively you can work with counsel to turn things around.
GetLegal.com’s Bankruptcy Law Center gives you accurate and useful information about the different bankruptcy options, as well as the law and process. In addition, you will find answers to many of your frequently asked questions about a bankruptcy filing.
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Here are answers to some of the most commonly asked questions about the federal bankruptcy process.
When your business faces challenges and you can’t pay your company’s debts, there are bankruptcy options available—A Chapter 7 petition will allow you to liquidate business assets, and a Chapter 11 filing provides the opportunity to enter into new payment arrangements with your creditors.
The federal bankruptcy laws provide individuals with the opportunity for a fresh financial start, offering two distinct options: Chapter 7 liquidation and Chapter 13 reorganization.
When you owe money and cannot pay it, the remedies available to your creditor depend on how you initially created and documented the debt.
Under the federal Fair Debt Collection Practices Act, creditors and the debt collectors they hire must refrain from a wide range of activities when attempting to collect a past due obligation.
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