Take Control of Your Debts
Bankruptcy Definition: Learn What Bankruptcy Is & How It May Help You!
If you’ve ever found yourself watching network television during the middle of a weekday, you’ve likely been introduced to the term “bankruptcy.” While you may have idea of what bankruptcy is – perhaps it sparks thoughts about money problems or conjures images of a lawyer talking about how you can resolve your debt – there is no need to worry if you have questions about the bankruptcy process.
As the thought of filing bankruptcy may be a bit intimidating, Bankruptcy.Me is here to make the bankruptcy education process as clear as possible for you by providing a bankruptcy definition that you can use and an explanation of how filing bankruptcy may help you address your current financial problems.
Of course, you can always go beyond this information and learn more about what bankruptcy may be able to do for your situation by letting Bankruptcy.Me connect you with a bankruptcy lawyer in your area. Simply get started by filling out our free bankruptcy case evaluation form or calling 888-632-0587, and we’ll do the rest in connecting you with a local bankruptcy lawyer as soon as possible.
Understand Bankruptcy and How It Works for You!
Bankruptcy is a federal courts process allowing you to tackle your debts while being protected from creditors via the bankruptcy court. Essentially, bankruptcy is designed to help you eliminate your debts or repay them over time, depending on what your financial situation is and what your goals are.
Under the United States Bankruptcy Code, you are provided with different bankruptcy options when seeking to resolve your financial problems:
Chapter 7 bankruptcy may be more appropriate if you are seeking relief from credit cards, medical bills, payday loans or other overwhelming unsecured debts (debts that are not tied to an item or piece of property).
Chapter 13 bankruptcy may make more sense if you are looking to repay secured debts (debts that are tied to an item or piece of property, such as a car or home) over time with the goal of getting even on these payments while keeping these items that mean the most to you.
What Does It Mean If You Were to File Bankruptcy?
If you file bankruptcy, you are basically making a legal declaration that you are unable to pay your creditors. After you file bankruptcy, an automatic stay is entered, meaning that creditors cannot contact you about your debts during your bankruptcy case.
Liberate Yourself from Creditors when Filing Bankruptcy
A court order, the automatic stay provides relief by telling creditors that you are hands-off. In other words, once you file bankruptcy and the automatic stay is entered, creditors cannot contact you about your debts through threatening phone calls or other intimidating means.
If a creditor does contact you during your bankruptcy case, he or she is in violation of the automatic stay, and you may be in line for a settlement.
According to most experts, more than 1 million consumers are expected to file bankruptcy and take advantage of the liberating power of the automatic stay this year.
Could utilizing the automatic stay after filing Chapter 7 or 13 offer you the financial relief and control you so deserve? Let a local bankruptcy lawyer examine this important question with you.
The Golden Question – Is Bankruptcy Right for You?
Come to an Educated Decision on What’s Best for You with the Guidance of Bankruptcy.Me
You should know that filing bankruptcy is just one of your debt relief options. At Bankrutpcy.Me, we are here to educate you on the bankruptcy process and to give you an idea of what you should be thinking about when considering bankruptcy.
While we have provided a nice introduction to what bankruptcy may mean to you, it is ultimately in your best interests to speak to a local bankruptcy lawyer who can provide you with even more insight into how bankruptcy protection may help you take control of your debts.
We have made getting in contact with a bankruptcy lawyer especially easy – simply fill out our free bankruptcy case evaluation form or call 888-632-0587, and we’ll help you get in touch with a local bankruptcy lawyer as soon as possible.
In the meantime, learn more about bankruptcy throughout Bankruptcy.Me, where it’s all about you when seeking a solution to your financial difficulties.