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BASIC CONCEPTS ABOUT
BANKRUPTCY
Bankruptcy is a court-based process under the United
States
Bankruptcy Code that is meant to give people a financial
"fresh start" from burdensome debts. It’s designed
to help
consumers and businesses eliminate their debts or reduce
them under the protection of the Bankruptcy Court.
Bankruptcies can generally be described as "liquidations"
or "reorganizations." Once the bankruptcy process is
complete, the filer is typically released from personal liability
for most debts.
Whether you have an unmanageable level of debt,
have unexpected medical costs, are out of work or stretching one
small paycheck to meet ever-growing obligations, bankruptcy may
provide you with a fresh start. We can help you analyze your options.
The reality of bankruptcy is that it's a complicated
legal procedure, yet laws and procedures are in place to help
you get the relief you need. At Carrillo and Carrillo, P.A. we’ll
explain to you how these laws apply to your specific circumstances
and help you devise a plan to effectively eliminate or reduce
your debt.
You can reestablish your credit
after bankruptcy.
Although a bankruptcy filing can remain on your credit report
for up to 10 years, you can start reestablishing your credit almost
immediately after your case is closed. You may be able to finance
a home within a few years after bankruptcy. You should likely
be able to finance a car soon after your discharge, and surprisingly,
you probably will be receiving solicitations very soon after receiving
a discharge.
If you are considering filing bankruptcy, take the
time to contact a trusted, compassionate and knowledgeable Attorney
at Carrillo and Carrillo, P.A. to arrange a free consultation
to discuss your legal options for a fresh start.
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