BANKRUPTCY LAW:
Bankruptcy is a legal
proceeding in which a person who cannot pay his or her
bills can get a fresh financial start. The right to
file for bankruptcy is provided by federal law, and all
bankruptcy cases are handled in federal court.
Filing bankruptcy immediately stops all of your creditors
from collecting debts from you, at least until your debts
are sorted out according to the law.
Modern Bankruptcy Laws
offer legitimate solution for many Americans who find
themselves unable to pay their bills and wish to make a
fresh start. Bankruptcy allows you to eliminate
much of your debt and gives you time to get back on your
feet without harassment by creditors. There are two
main types of bankruptcy available to individuals:
Chapter 7 and Chapter 13. In both
cases creditors are immediately prohibited from
contacting you at work or home upon filing of your
case.
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