Bankruptcy: The Basics

Bankruptcy: The Basics

Bankruptcy is a federal process which allows consumers to forgive certain debts. The law recognizes that, unfortunately, sometimes bad things do happen to good people. Bankruptcy law recognizes that some consumers are just unable to meet the unreasonable repayment demands from creditors. Bankruptcy laws are based on forgiveness rather than punishment. Bankruptcy does not seek to deter or regulate certain behavior as other laws do; it simply recognizes that there are sometimes circumstances beyond the consumer's control which can only be addressed through the cancellation of debt.

For help with your individual bankruptcy needs, contact at Bostock Law, PLLC today to schedule a FREE initial consultation to discuss your legal rights.

Once you file for bankruptcy, an automatic stay is put into effect which immediately stops creditors from attempting to collect any debt from you. The automatic stay stops all types of harassing and intimidating creditors’ collection efforts such as phone calls, collection letters, wage garnishments, lawsuits, and bank levies to name a few.

Upon completion, the consumer receives an Order of Discharge from the Bankruptcy Court. This Discharge is a legal release from the dischargeable debts. Creditors are left with no legal cause to contact you or pursue these dischargeable debts listed in the bankruptcy petition.

There are several options available to consumers under the US Bankruptcy Code. The most common bankruptcy is to file a Chapter 7 which allows a consumer to discharge most debts. Another bankruptcy available is to file a Chapter 13, in which you propose a federal debt consolidation plan to rearrange your financial affairs and repay just a portion of your debts. The Chapter 13 plan allows you to restructure your debts in a way that is manageable based on your disposal income.

Statewide Bankruptcy Attorneys

At Bostock Law, PLLC, our firm is committed to educating consumers on their rights during this stressful time. Don't wait – start rebuilding your credit for a better future. Please contact us today at 866-219-5376 or (603) 624-7100 to schedule a FREE initial consultation with one of our experienced attorneys. We are a debt relief agency. We help assist people file Bankruptcy under the US Bankruptcy Code.