Bankruptcy
The bankruptcy laws were written and updated to provide a fresh start to individuals
should their debts become unmanageable. This usually occurs when there is an unexpected
job loss, medical emergency, or a divorce.
In this section you will find answers to frequently asked questions about Chapter
7 and Chapter 13 bankruptcy. Click on a question to view the answer.
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It is not a bad thing, and it is not scary at all.
If a debt collector is trying to collect a debt from you and then reporting it on your credit report. Should I contact the debt collector or the original creditor? You should contact both to try to figure out if I do or do not owe the debt.
This is if you are filing a chapter 7 bankruptcy with secured creditors. An example of a secured creditor would be a car.
- If you have a multi member LLC any assets in that multi member LLC are not subject to the creditor’s claims of an individual creditor.