Bankruptcy Basics – Part 1 : Introduction

If you are considering bankruptcy this video will give you basic information about the bankruptcy process, the relief that it offers, and how to find the legal help you need.

Thank you for watching this video on bankruptcy basics. This video will explain what bankruptcy is and what happens in a bankruptcy case. This information is provided to help consumers, individuals like you, understand the bankruptcy process.

People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for this situation. Bankruptcy is a legal process by which you can deal with your debts when you can no longer pay them.

By filing bankruptcy many individuals find that they are able to have most, if not all, of their bills discharged. This means that the debts are wiped out. Many bankruptcy filers keep most, if not all, of their property; or get extra time to pay bills if you have a regular income.

An individual, called a debtor, usually files bankruptcy to obtain a discharge, which will wipe out all or most of his or her debts so that they will not have to be paid.

A married person may file alone or with their spouse. Once the bankruptcy begins, creditors cannot try to collect debts from the bankruptcy debtor or sue the debtor to obtain a judgment, and with a few exceptions, the creditors have no claim upon the debtor’s future income or future assets.

Bankruptcy is not the only way to deal with too much debt. In some situations another approach might be better. Alternatives may include an out-of-court settlement with creditors, reduction of payments to creditors, obtaining help from a consumer credit counseling service, or payment of debts by selling or borrowing on property. These alternatives however require some cooperation from creditors. And are more likely to succeed when negotiations occur soon after financial trouble begins.

If you are having trouble financially, you need to speak with an attorney who is focused on your problems. Here Chris Wesner law office we strive to provide you with our best bankruptcy advice with compassionate caring people. Whether your problem is too much credit card debt, too much medical debt, lawsuits or a foreclosure on your home we are here to help. With our offices located throughout the Miami Valley including Dayton Ohio, Springfield Ohio, Troy Ohio, Xenia Ohio, and Piqua Ohio we are located conveniently to you. Call us today for a free initial consultation at: 1 (877) 350-6039 or toll free at (855) 339-8001.

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