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So what is Bankruptcy?
Bankruptcy is the set of federal laws that shield people and businesses from the collection actions of the people and companies to whom they owe money. To obtain such protection, people and businesses must file under one of the bankruptcy chapters (Chapter 13, Chapter 11, Chapter 7. Once the appropriate paperwork (i.e., “petition”) is filed with the court, the filer receives both short-term and long-term bankruptcy relief.
The short-term bankruptcy relief is called the “automatic stay.” The stay is a court injunction that prohibits creditors and nearly all debt collectors from contacting the person or business for the debt or from using state laws to garnish or levy on the person or business’ income or property. The short-term bankruptcy relief continues while the court examines the case and ensures it is proper under the laws.
Long-term bankruptcy relief is called a “discharge.” A discharge is the court ordering that none of a filer’s debts (with certain exceptions) can be collected on ever again. The purpose of the bankruptcy laws is to give you a “fresh start,” so that you can get back on your feet financially and be able to contribute to yourself, your family, and society.
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This content is not meant to constitute advice of any kind, including without limitation, legal advice of any kind. If you require advice in relation to any legal matter you should consult an appropriately qualified lawyer.