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Posted On: May 6, 2010

What Is Bankruptcy

A Sacramento bankruptcy attorney asks and answers: What’s Bankruptcy?

When a borrower files bankruptcy, collection procedures that are usually followed are replaced by a different system of rules and laws. The filing of bankruptcy has a deep impact on the borrower, creditors, and others that have an interest in the borrower’s affairs.

Bankruptcy has different forms and is flexible to provide
different outcomes. Characteristics that make is different from the state laws used by creditors to collect owed monies are:

1. Bankruptcy is a system that is under federal law.

2. It’s a system that encompasses all of the borrower’s assets and debts.

3. The bankruptcy system affords relief to borrower by resolving and settling current debts while protecting creditors and guarding their interests.

4. Bankruptcy is administered by a specialized system consisting of bankruptcy court, government officials, and private persons such as attorneys

Although all assets are included, bankruptcy does allow for the protection of property most necessary for a borrower to start over. If a borrower does not have the income to repay debts the bankruptcy system and the borrower fully discloses all assets and liabilities then the bankruptcy system allows for a fresh start free from the predatory debt incurred in the past. Proper planning and responsible spending after bankruptcy can lead to a financial rehabilitation.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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Posted In: California Bankruptcy , Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Consumers in Debt

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