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Bankruptcy
Barrister Amna (Alevels Academy Islamabad)
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1 year ago
A Levels Academy Islamabad
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News
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00:00
We've all heard the term, BANKRUPTCY.
00:05
Dramatic, overwhelming, the final act of a desperate individual.
00:10
Or rather, something you can totally handle on your own in court.
00:14
Seriously.
00:16
You just have to know what you're getting yourself into.
00:18
Let's start with the basics.
00:20
What exactly is bankruptcy?
00:22
Bankruptcy is the legal process where a person or entity can eliminate debt
00:27
or change the amounts you have to pay at one time.
00:30
All bankruptcy cases are handled in federal court
00:33
because it's a right provided by federal law.
00:36
Once you file for bankruptcy, collection of your debts is put to an immediate halt,
00:41
at least until things get sorted out in the courtroom.
00:44
In addition to a fresh financial start, bankruptcy can also stop foreclosure on a home,
00:50
prevent repossession of your personal property, like automobiles or statues of yourself,
00:55
keep your utilities on or restore your services,
00:58
and stop creditor harassment, wage garnishment, and other debt collection tactics.
01:03
Even if you can't get total debt relief, you can still have your monthly payments significantly reduced.
01:09
Although, it must be equally emphasized that bankruptcy can't solve everything.
01:14
Some creditors are protected from certain modifications to loan terms.
01:19
And special debts like child support, alimony, student loans, criminal fines, and taxes
01:24
cannot be changed by the bankruptcy court.
01:27
There are different types of bankruptcy,
01:29
which are named after the chapter of the bankruptcy code where they are described.
01:33
Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
01:38
Each one has its own unique factors, analyses, and requirements to consider
01:43
before knowing which one to file.
01:45
The two most common types are Chapter 7 and 13.
01:48
Chapter 7 is a fresh start, while Chapter 13 is a reorganization.
01:53
LegalYou can help you sort out these difficult decisions and many others.
01:57
Even though you're representing yourself, you're not alone.
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