Bankruptcy Basics V-1

See transcript Below
BANKRUPTCY BASICS

The following is an adaptation of the transcript of Basic Bankruptcy Video-1.

If you are considering bankruptcy, this video will give you basic information about the process, the relief it offers and how to find the help you may need. We hope you find it helpful.

Watching this video will explain what bankruptcy is and what happens in a bankruptcy case. This information is provided to help consumer individuals understand the bankruptcy process.

People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for the situation. Bankruptcy is a legal process by which you can deal with your debts, when you can no longer pay them.

By filing bankruptcy many individuals find they are able to get most if not all bills discharged, meaning wiped out. Most people are able to keep most if not all of the property and/or get extra time to pay bills if you have a regular income.

An individual, called a debtor, usually files bankruptcy to obtain a discharge, which wipes out all or most of his/her debts so that they will not have to be paid. A married person may file alone or with his/her spouse.

Once the bankruptcy begins, creditors cannot try to collect debts from a bankruptcy debtor or sue the debtor to obtain a judgment. With a few exceptions, the creditors have no claim on the debtor’s future income or future assets.

Bankruptcy is not the only way to deal with too much debt. In some situations, another approach might be better. Alternatives may include out-of-court settlement with creditors, reduction of payments to creditors, obtaining help from consumer credit counseling service or payments of debt by selling or borrowing on property. These alternatives however require some cooperation from creditors and are more likely to succeed if tried soon after financial difficulties begin.

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