Bankruptcy is a legal proceeding in which a person who can not 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 seeking to collect debts from you, at least until your debts are sorted out according to the law.

Share

This entry was posted on Friday, July 17th, 2009 at 11:39 pm and is filed under FAQ's. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.