April 26, 2017

Bankruptcy

Bankruptcy


What exactly is bankruptcy?


Bankruptcy is a legal process through which people and businesses can obtain a fresh financial start when they are in such financial difficulty that they can not repay their debts as agreed. The fresh start is achieved by eliminating all or a portion of existing debts and/or by stretching out the monthly payments under the protection and supervision of a court. The process is also designed to protect creditors, because general unsecured creditors share equally in whatever payments the debtor can afford to make.


Click on the links below for more information on this subject area.


TOPICS
Pros and Cons of Bankruptcy
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy





For updates and information on additional resources for the public from the ABA Division for Public Education, friend us on Facebook and follow us on Twitter.