Q: What is bankruptcy?
A: Bankruptcy is a legal process to deal with debts when you can no longer pay them. By filing for bankruptcy, you’re able to get most bills discharged/wiped out. This also may allow you to keep most or all of your property and receive extensions on bill payments if you have the income to pay them.
A debtor may file for bankruptcy alone or with their spouse. When the bankruptcy is filed, creditors are not allowed to collect debts or sue debtors for the amounts owed to them. In most cases, the creditors are not entitled to claim any future income or assets.
David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com.
