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Definitions and Common Terms: Difference between revisions
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[[Debt Relief|Debt Relief Home Page]] | [[Debt Relief|Debt Relief Home Page]] | ||
==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. | ||