What Does Filing Bankruptcy Do?

Filing for bankruptcy is a major financial decision with serious consequences. It can be an overwhelming and confusing process, but it’s important to understand what filing for bankruptcy does before making that decision. Bankruptcy is a legal status granted by the courts when an individual or business cannot pay their debts in a timely manner. When declared bankrupt, the debtor is relieved of most of their debts and any assets owned are liquidated to help pay those remaining.

The main purpose of filing for bankruptcy is to give individuals or businesses relief from debt which they cannot repay on their own. Filing for bankruptcy can stop creditor harassment, wage garnishment, or foreclosure proceedings while also allowing debtors to keep certain exempt assets such as vehicles or homes depending on state law.

The Law Offices of Omar Zambrano has helped thousands of people and them businesses on the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706