Bankruptcy Bankruptcy an Overview
Although there was once a stigma surrounding bankruptcy, more and more people realize that bankruptcy is a legal device to help those who find themselves in financial turmoil. This can be due to sudden illness, disability, death, job loss, or any number of other situations. Bankruptcy has become a more common and viable solution, especially since in recent years many creditors charge excessive fees, fines and exorbitant interest rates.
During the bankruptcy process the debtor’s assets and liabilities are determined and in most cases, the debtor is able to keep most, if not all, of their property. Debts are prioritized according to specific legal standards, new payment plans may be drawn, and much of the debt is often discharged completely. Some debts are usually not dischargeable and survive bankruptcy. These debts include domestic or child support, taxes, student loans, and debt accumulated through fraud .
When bankruptcy is the right answer, or if you still have questions about your financial situation, it is important to have an experienced attorney on your side. Call de Moya & Associates, P.C. for a free consultation. We can advise you if bankruptcy is the right solution for you.
**DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.