Bankruptcy Law – What You Should Know
Bankruptcy law describes the process by which individuals and entities who cannot pay their debts can receive relief from these obligations. In most cases, bankruptcy is imposed on people or entities by a court order, but in some cases, it may be initiated by the debtor. Here are the facts about bankruptcy law and what you should know about filing for this type of relief. Listed below are some examples of situations in which bankruptcy may apply. If you are unsure of whether you can file for bankruptcy, consult a professional attorney for more information.
Chapter 13 bankruptcy
Under Chapter 13, you can discharge both secured and unsecured debts. Secured debt is debt that uses collateral to ensure repayment. Unsecured debt, on the other hand, is debt that you do not own or have secu...
