Very few people know why the type of personal bankruptcy that eliminates a persons debts is called CHAPTER 7. Well, here’s the answer. There is huge volume of books that contain all of the laws that our Federal Government passes. Those books are called the United States Code. That Code has TITLES, and within those […]
What is a bankruptcy discharge? The typical consumer files a bankruptcy case in order to obtain a “discharge” of overwhelming debt. An unfortunate word that is used to describe what for many is a life changing “event”. Why? When a debt is “discharged”, the obligation of the debtor to pay it, no longer exists. The […]
Bankruptcy terms can be difficult to understand. Below are brief definitions of the terms used in this site and in the Bankruptcy Code. If you have any questions, please feel free to contact us. 410-766-4044. Adequate protection:Payment to a secured creditor to protect the value of the creditor’s lien during the bankruptcy proceeding from loss […]
