Understanding Bankruptcy
What is Personal Bankruptcy?
Are you familiar with the term "bankruptcy" but unsure exactly what it really means for those who file? Are you wondering about the difference between Chapter 7 and Chapter 13 bankruptcy? Are you looking for a better bankruptcy definition as you explore what filing may be able to do for you?
Clear Bankruptcy is here to help: We'll define bankruptcy and describe the process, explain what it does, and provide resources to help you understand how bankruptcy helps many people get a fresh financial start. Then, we'll help you connect with a local bankruptcy lawyer who can help you explore the process in more detail and determine whether or not bankruptcy might be right for you.
Simply fill out our free bankruptcy contact form to connect with a local bankruptcy attorney today.
Last year, more than 1 million Americans used the bankruptcy process to clear their lives of financial stress and create a fresh start. Might bankruptcy be the key to financial freedom for you, too?
Bankruptcy Defined
Bankruptcy is a federal court process that allows debtors to address debts under temporary protection from most collection actions. Different types of consumer bankruptcy are designed to help people in different circumstances:
- Chapter 7 bankruptcy allows for the elimination of credit card and other debts via a sale (liquidation) of any non-exempt assets. For debtors with no non-exempt assets, there is no liquidation; and
- Chapter 13 bankruptcy provides the breathing room to pay back debts over time while keeping property.
One of the most powerful protections offered by the U.S. Bankruptcy Code is the automatic stay. In most bankruptcy cases—both Chapter 7 and Chapter 13—the automatic stay is entered as soon as the bankruptcy petition is filed and prevents most creditors from taking any kind of collection action.
What Does Bankruptcy Mean for You? Ask a Bankruptcy Lawyer
Many people have misconceptions about bankruptcy or are concerned about stigma associated with the process. The truth is that the U.S. Bankruptcy Code was written to protect people in difficult financial circumstances.
At Clear Bankruptcy, we can put you in touch with a local bankruptcy lawyer who can clarify what bankruptcy might mean for you, examine your filing options and help you proceed as you seek positive means to take control of your debt.
All you have to do is fill out our free bankruptcy evaluation form or call 877-833-2410, and we'll connect you with a bankruptcy lawyer near you.