Bankruptcy FAQs

Directional image of the words U.S. Bankruptcy Court engraved into the side of a building showing the way to the bankruptcy court.

How Does Bankruptcy Work?

April 27, 2012

In very simple terms, filing bankruptcy stops foreclosure actions and other creditor collection activities through the Court’s issuance of what is known as an “automatic stay”. Ultimately, the Bankruptcy Court will issue an order which eliminates, or otherwise adjusts responsibility, to pay certain debts accumulated by an individual or business.

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Man standing in front of a wall of charts with declining financial values on a line chart pasted to the wall.

What is Bankruptcy?

April 27, 2012

Bankruptcy is a federal legal process whereby the United States Courts forgive consumer and corporate debt in exchange for forthright and complete disclosure of your financial profile and distress. All successful bankruptcy outcomes are predicated on honest assessment and evaluation. We’ve created our online Bankruptcy Questionnaire to help you organize your thoughts and information, and to allow us to evaluate your financial image and prepare for your consultation.

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