Debt Relief:Definitions: Difference between revisions

Debt Relief:Definitions (view source)

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 [[Debt Relief | Debt Relief Home Page]] | [[Debt Relief: Bankruptcy| Bankruptcy]]
 ===Bankruptcy===
-*Bankruptcy occurs when the federal system of statues and courts authorize insolvent individuals or businesses the ability to place their financial affairs under the bankruptcy court's control. When the debtor's exceed his or her ability to pay, the debtor may file a petition with the bankruptcy court for voluntary bankruptcy.
+*Bankruptcy is a court case. It is used when a person cannot pay his or her bills. It helps a person get a fresh financial start. All bankruptcy cases are handled in a federal court. When the debtor exceeds his or her ability to pay, the debtor may file a petition with the bankruptcy court for voluntary bankruptcy. It is wise to have an attorney help you decide whether bankruptcy is the best way for you to handle your situation.
 The two most common types of bankruptcy filed by individuals and businesses are: Chapter 7 bankruptcy and Chapter 13 bankruptcy.