What Exactly is Bankruptcy?
People often use the term bankruptcy loosely to describe their financial circumstances. However, bankruptcy is actually a legal process through which debtors can discharge their debts (Chapter 7 bankruptcy) or create a repayment plan (Chapter 13 bankruptcy) to eliminate their debts over a period of time. In so doing, the U.S. Bankruptcy Code allows debtors to retain much of their property and possessions.
While the goal of both Chapter 7 and Chapter 13 bankruptcies is help and relief from financial burden and an opportunity for a fresh start, each chapter serves a different purpose and has its own eligibility requirements based on federal statutory law contained in Title 11 of the United States Code.
To discuss your own unique circumstances, contact Joel E. Sannes now at 480-461-5307 to schedule your confidential free consultation.