Bankruptcy is a legal proceeding to assist you in resolving your financial problems. It can be filed by a person or company that owes money but cannot pay its debts on time. As soon as a filing occurs, all legal activity must stop and no creditor can act without court permission. All collection activity, garnishment, foreclosure, or repossession efforts must stop.
The debtor is the person that owes the money and files the bankruptcy. The creditor is the party that is owed the money. The proceedings are governed by the United States Bankruptcy Code. The most common bankruptcy proceedings are called:
How do I file a bankruptcy? A bankruptcy is filed by preparing a petition. About six weeks after filing a petition, a hearing is held by a trustee that is responsible for administering the case.
Bankruptcy is a highly technical and very specialized field of law. The information contained in this website is introductory information and should not be relied on without first discussing the matter with an attorney. The Findling Law Firm, P.L.C. can assist you in these important legal proceedings.
There are important legal consequences that can occur and an attorney is the only person qualified to provide assistance.For more information, contact an attorney at:
The Findling Law Firm, P.L.C.