Overview Of Bankruptcy

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.The purpose of this overview is to answer the questions about bankruptcy asked most frequently by our clients and to provide an overview of the bankruptcy process. The information contained herein will help you decide whether to file bankruptcy or not. Bankruptcy has always been complex and was made more complex by the enactment of new provisions to he Bankruptcy Code in 2005 pursuant to the Bankruptcy Abuse Prevention Act of 2005 (BAPCPA).Additionally, BAPCPA is poorly drafted and contains numerous provisions that are unclear. In this overview, we have tried to find a balance between removing some of the complexities of the law without over-simplifying it. Reading and studying this overview is just the first step in educating you. The next step is a consultation with Mr. Starkweather to discuss your particular situation.

What Is Bankruptcy?

Bankruptcy is a proceeding under federal law whereby you are granted partial or complete relief from the payment of your debts. This initial relief is provided in the form of an “automatic stay” issued automatically and immediately upon the filing of the bankruptcy petition which, with a few narrow exceptions, stops all creditor collection activities. If you have been a debtor in a bankruptcy that was dismissed within the last year, we may have to file a motion to keep this automatic stay from expiring in 30 days from the date you file the bankruptcy. The final relief comes at the end of the case when the bankruptcy court enters an order eliminating your responsibility to pay certain debts. This final order is called the "discharge."