This first video will give you basic information about the process of bankruptcy, the relief it offers and how to find the legal help you may need.
Thank you for watching this video on bankruptcy basics. This video will explain what bankruptcy is and what happens in a bankruptcy case. This information is provided to help consumers and individuals like you understand the bankruptcy process.
People are having more trouble paying their debts these days. Sometimes bankruptcy is considered a remedy for this situation. Bankruptcy is our legal process by which you can deal with your debts when you can no longer paid them by filing bankruptcy many individuals find that they’re anybody get most if not all bills discharged. Meaning wiped out where you keep most if not all of their property and or get extra time to pay bills if you have a regular income.
An individual called objector usually files bankruptcy to obtain a discharge which will wipe out all or most of his or her debts so that they will not have to kept paying. An Unmarried person may file alone or with the other person once the bankruptcy begins. creditors can not try to collect debts from the bankruptcy debtor or saying the debtor to obtain a judgment with a few exceptions. The creditors have no claim on the debtors future income or future asset.
It is not the only way to deal with too much debt and in some situations another approach might be better. An alternative may include an out of court settlement with creditors,
reduction of payments to creditors, attaining help from a consumer credit counseling service or payment of debts by selling or borrowing on property. These alternatives however require some cooperation from creditors and are more likely to succeed if tried soon after financial difficulties began.
In the next video we will take a closer look at the process of qualifying for a bankruptcy using a means test.