The Cassidy Law Firm Blog

Thursday, July 3, 2014

What Is Bankruptcy?

“What Is Bankruptcy?” Unfortunately, there are a number of myths and misconceptions about bankruptcy in the United States. Many of these myths and misconceptions cause debtors to shy away from considering bankruptcy when they are in financial trouble. Hesitating often means a debtor loses valuable assets that could have been saved through bankruptcy. If you find yourself in a situation where the bills continue to pile up and you see no end in sight it might be time for you to consider bankruptcy. A better understanding of bankruptcy and the bankruptcy process may help you make the decision.

There was a time in the not so distant past when debtor faced prison if the debtor was unable to pay his or her bills. Fortunately, debtor’s prisons are a thing of the past in most countries, including the United States. In the United States, both individuals and businesses may qualify to file for protection from creditors through bankruptcy. Bankruptcy is governed by the U.S. Bankruptcy Code which sets forth both the laws and procedures for filing bankruptcy in the U.S. The point of bankruptcy is to allow those who cannot pay their debts to discharge, or eliminate, them and to give additional time to those debtors who have the ability to pay their debts but just need more time to do so. When a business faces financial trouble bankruptcy even allows for a re-structuring of the business and overseas the running of the business for several years to give the business the best chance possible at pulling out of the financial crisis. In short, bankruptcy is a legal process aimed at helping debtors turn around their financial situation by either forgiving debts and/or providing additional time to pay debts.

Contrary to popular belief, bankruptcy does not require most debtors to give up hard-earned assets. In most cases, a debtor is able to exempt assets or retain those assets as part of a repayment plan. The goal of bankruptcy is not to leave a debtor penniless. The goal is to provide a fresh start to a debtor who has faced financial troubles for one reason or another.

Contact a New Jersey Bankruptcy Lawyer at The Cassidy Law Firm

If you find yourself sinking farther and farther into a financial hole, don’t hesitate to consider bankruptcy as a solution. Consult with an experienced New Jersey bankruptcy attorney right away. The Cassidy Law Firm is located in Shrewsbury, New Jersey.  We service all of Monmouth County, Ocean County, Middlesex County and all of New Jersey.  Call The Cassidy Law Firm at 732-747-3999 or contact us online for a free consultation with an experienced Monmouth County bankruptcy attorney.

 

*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.


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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.