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What is Bankruptcy ?
Although the term bankruptcy has many different meanings to people, it is officially a legal process by which individuals or other entities that cannot afford to repay their creditors, seek relief of their debts. It is
generally filed by what are known as debt relief lawyers or attorneys.
Bankruptcy was originated by Congress to give debtors a "fresh start" from their burdensome debts. According to the Supreme Court in Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934), Bankruptcy “…
gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.”
Having its roots in Federal Law, bankruptcy is governed by the Federal Rules of Bankruptcy Procedure under Title 11 of the United States Code. There are 90 bankruptcy courts in the United States and its territories with each one having its own clerk’s office, although much of the process is conducted away from the courthouse.
According to statistics released by the Administrative Office of the U.S. Courts, the 2019 filings of bankruptcies for the 12-month period ending March 31, 2019, totaled 772,646.
Although there are 6 types of bankruptcies provided for in the Bankruptcy Code, the two most prevalent types of personal bankruptcy are Chapter 7 and Chapter 13.
Alex Tuttle has been recognized and rated as a Top Attorney and Distinguished Attorney in the area of Civil Litigation, as well as a Client Choice and Top Contributor by Avvo and regularly, represents clients in Bucks, Chester, Delaware, Montgomery, Lehigh, and Northampton Counties. If you are in need of any assistance or have any questions, please contact us to go over your situation. We would love the opportunity to help you and get your life back to normal.
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If you're considering Bankruptcy or any of the topics discussed on this website, it is important to be an informed consumer. The correct information on the Bankruptcy filing process, filing requirements, and the different Bankruptcy Chapters, along with speaking with an experienced and knowledgable Bankruptcy attorney, will help you make an informed decision in this difficult time.
Our firm understands bankruptcy and restructuring law and can navigate you through the legal system to help you keep your assets and begin rebuilding your financial future. Your best financial outcome is our main priority. We have a long history of helping thousands of people find the financial relief they deserve.