A Quick Look at Understanding Bankruptcy
People and businesses that file for bankruptcy have way more debt than income...
Bankruptcy is a legal process between a person or a business in which a judge will examine assets and liabilities for the debtor that is unable to pay their bills. There are many different types of bankruptcy which start with a petition filed by the debtor. Depending on your individual circumstances, you will file for whichever chapter makes more sense for you and your financial needs. The purpose of a bankruptcy is to have your debts discharged by a court. Bankruptcy laws were written so that if your finances have gotten out of control, you have the ability to start over again financially, and creditors often have an opportunity to be repaid.
People and businesses that file for bankruptcy have way more debt than income and often can’t see a light at the end of the tunnel. People in particular seem to take on car loans, home loans, student loans, and everyday life expenses, and then realize they are in way over their heads. Bankruptcy can allow you a chance to start over, repay your creditors in some form and keep the economy going.
To learn more about bankruptcy and if it is the right option for you, contact our office at mclawgroup.net or 630-312-8677.