Consumer bankruptcy laws

Debtors often ask about the laws covering a consumer bankruptcy. The reality is that the term “consumer bankruptcy” can refer to either chapter 7 bankruptcy or chapter 13 bankruptcy under the federal law. These two types of personal bankruptcy are the common options available to people who have a great many unpaid bills that cannot be paid. There is a great deal of law covering these types of bankruptcies. A consumer who is interested in possibly declaring bankruptcy should make sure to understand all relevant bankruptcy laws before making the important decision to try to file for bankruptcy.

Some of the significant legal requirements are that a consumer seeking bankruptcy qualify under prevailing bankruptcy law standards, be able to show adequate identification, provide full disclosure, give all information asked for in bankruptcy paperwork, fully cooperate with the bankruptcy trustee, attend all bankruptcy meetings, do all acts required by the bankruptcy court, fulfill debtor counseling and education.

Consumers often get the mistaken notion that filing bankruptcy involves simply filling out some forms and filing them with the bankruptcy court, but that is not the case. Declaring bankruptcy is a
very serious matter that requires a commitment by a debtor to providing a full explanation of his or her financial picture including income, monthly expenses, income, assets and other relevant financially related data. The legal paperwork must be complete and accurate in all respects. A consumer must be prepared to the meeting of creditors and be questioned on relevant concerns related to his or her desire to declare bankruptcy. Consumers who are qualified and properly fulfill all bankruptcy requirements have the potential for a fresh start.

We are a debt relief agency. We help people file for bankruptcy protection.

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