GENERAL
OVERVIEW
ABOUT BANKRUPTCY
Bankruptcy
is a federal law designed to protect individuals who have encountered
financial difficulty. The filing of a bankruptcy offers immediate
relief to a debtor, by prohibiting all collection attempts. Activities
prohibited by the Bankruptcy Code include phone calls and letters
designed to collect a debt, as well as lawsuits, garnishments, repossessions
and foreclosures. All creditor contact must cease immediately upon
the filing of a petition for bankruptcy, subject to certain exceptions
in a small number of cases.
Depending upon the type of bankruptcy which is filed, debts may
be eliminated entirely, or reorganized and repaid over time through
a court supervised repayment plan. The type of bankruptcy which
is best for a particular client will depend upon their particular
circumstances, and the goals which they seek to achieve. Leiden
and Leiden offers a free bankruptcy consultation to review the client’s
financial situation and propose a debt relief solution.