What is Bankruptcy? By Ohio Bankruptcy Attorneys Zellar & Barclay
With the gloom and doom of the American economy over the past several years, many more Americans and American businesses have turned to bankruptcy for relief and help. Unless an individual knows someone personally who has filed for bankruptcy, or has filed bankruptcy themselves, they may not know what bankruptcy really is, or why it is vital to the people that have filed. As anyone who has filed bankruptcy, or any bankruptcy lawyer can tell you, there are lots of misconceptions surrounding bankruptcy. There are many important details about bankruptcy the lay person should be aware of. Consultations are always free at all three of our Ohio locations call now to set an appointment with one of our experienced Ohio Bankruptcy Attorneys.
What is Bankruptcy?
Bankruptcy is a legal process set up by the federal government for individuals, couples, and businesses that allows them to either pay off debts, reorganize the debt or in some cases have debt forgiven, otherwise known as discharged. It is not an easy process and is not to be taken lightly. However, for many people and businesses bankruptcy is really the only way to a fresh start in life. Once a bankruptcy is filed, debt collectors, including credit card companies, other loan companies, mortgage companies, and even individuals who are owed a debt are not allowed to contact the bankruptcy filer in order to collect on the debt. This action alone can bring a lot of peace to a debtor.