What Is Bankruptcy?
Bankruptcy is a process under U.S. federal law that provides debtors with an opportunity to get a fresh start financially and eliminate their debts. It is a legal proceeding where the debtor’s assets are liquidated and distributed among creditors, if any assets exist, in order to repay outstanding obligations. Bankruptcy can be extremely helpful in allowing people who have fallen into overwhelming debt the ability to start over.
People may choose to file for bankruptcy when they find themselves unable to pay their creditors back due to financial hardship or large amounts of debt they cannot repay on time. This could happen when someone has lost their job or had unexpected medical expenses, for example. Bankruptcies can range from simple Chapter 7 filing, which erases all eligible debts, to complex Chapter 13 reorganizations that provide repayment plans for certain debts over time.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in 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 the 12738 Ramona Blvd Baldwin Park CA 91706