The Law Office of Douglas L. Barrett, LLC is designated as a Federal Debt Relief Agency by an Act of Congress and the President of the United States. We are proud to assist good people in bad situations file for protection under the U.S. Bankruptcy Code.
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General Bankruptcy Information
Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The idea of a fresh start for debtors goes back to the Old Testament and current bankruptcy laws can be traced to England in 1542 under King Henry VIII. The right to file for bankruptcy is provided for by The United States Constitution , and all bankruptcy cases are handled in the federal courts. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law. It is an important alternative for persons strapped with more debt and stress than they can handle.
Federal bankruptcy laws were enacted to provide good, honest, hard-working debtors with a fresh start and to establish a ranking and equity among all the creditors clamoring for the debtor's limited resources. Bankruptcy helps people avoid the kind of permanent discouragement that can prevent them from ever re-establishing themselves as hard-working members of society. Business can benefit in many cases when they file a Business Bankruptcy and family farmers may be able to file Chapter 12 Bankruptcy. The most common types of bankruptcy for individuals is Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.
To the extent that there may be money or property available for distribution to creditors, creditors are ranked to make sure that money or property is fairly distributed according to established rules as to which creditors get what.
This discussion is intended only as a brief overview of the types of bankruptcy filings and of what a bankruptcy filing can and cannot do. No one should base their decision as to whether or not to file bankruptcy solely on this information. Bankruptcy law is complex, and there are many considerations that must be taken into account in making the determination whether or not to file. Anyone considering bankruptcy is encouraged to make no decision about bankruptcy without seeking the advice and assistance of an experienced attorney who practices nothing but bankruptcy law.
What Bankruptcy Can and Cannot Do
Bankruptcy may make it possible for financially distressed individuals to:
Bankruptcy, however, cannot cure every financial problem. It is usually not possible to:
The Law Office of Douglas Barrett offers FREE initial consultations in consumer bankruptcy cases. Give us a call today to set up your consultation. 801-221-9911.
Disclaimer: The information contained on this page is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the issues related to the area of consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.