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How does bankruptcy work?

Posted by Ellen Brown | Jul 12, 2024

Bankruptcy is a legal process that helps people who are having trouble paying their debts.

Before someone can file for bankruptcy, they have to take a class to learn about managing their money.

Once the person has filed for bankruptcy, a court order called an "automatic stay" will go into effect. This means that the person's creditors are not allowed to try to collect their debts anymore.

If the person is filing for Chapter 13 bankruptcy, they will have to make a plan to pay off all or part of their debts over a period of three to five years.

If the person is able to pay off all or a portion of their debts in Chapter 13 or if their debts are eliminated in Chapter 7 bankruptcy, they will receive a discharge. This means that they are no longer legally responsible for their debts.

Most people file a Chapter 7 bankruptcy to eliminate their debt.

Contact a bankruptcy attorney to help you review your options and assist you in becoming debt free.  

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