What Is Bankruptcy?

Bankruptcy is a legal process in which individuals petition the court for forgiveness from some or all of their debt. It is an American citizen's right under the United States Bankruptcy Code to petition the court for this forgiveness. This is done through a U.S. District Court.
Bankruptcy immediately stops all creditors from seeking to collect debts from you, at least until the process has gone through the courts. This is an automatic stay, and it means creditors cannot harass you, force foreclosure, or use garnishments, liens, or judgments against you.

Which Bankruptcy Is Right for You?

Both individuals and businesses can file bankruptcy. Chapter 7 bankruptcy is the liquidation of assets to repay creditors and discharge the remaining debt. Chapter 13 allows individuals to reorganize debt to make it more affordable for a period of 3 to 5 years. When you meet with us, we'll help you to make these decisions.

Will You Need to Go to Court?

You'll need to attend the Meeting of Creditors. This is an opportunity for creditors to confront you and the court. Generally, it is short and simple, requiring you to answer a few questions. Generally, creditors don't attend, but they legally can do so.

What Are the Long-Term Effects?

It's important to know that filing bankruptcy will impact your credit for 10 years. This could impact your ability to get new credit, including car loans and mortgages. However, many people are better off in the long-term filing bankruptcy and getting a fresh financial start.

Expect outstanding service from our team. We're here to help you. You can depend on our attorney to help you through this process. We have 25 years of experience.
Call James Zerillo today for a FREE bankruptcy consultation to discuss your needs:
"I can't give a high enough recommendation for Jim and his firm."

- Mark
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