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Debt Relief:Definitions: Difference between revisions
→Bankruptcy
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[[Debt Relief | Debt Relief Home Page]] | [[Debt Relief: Bankruptcy| Bankruptcy]] | [[Debt Relief | Debt Relief Home Page]] | [[Debt Relief: Bankruptcy| Bankruptcy]] | ||
===Bankruptcy=== | ===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. | *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. | The two most common types of bankruptcy filed by individuals and businesses are: Chapter 7 bankruptcy and Chapter 13 bankruptcy. | ||