Bankruptcy laws help people and businesses that can no longer pay their debts.

Bankruptcy helps Debtors get a “fresh start” – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.

Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13.

A bankruptcy case normally begins by the debtor filing a petition with the bankruptcy court. A petition may be filed by an individual, by a husband and wife together, or by a corporation or other entity. The debtor is also required to file statements listing assets, income, liabilities, and the names and addresses of all creditors and how much they are owed. The filing of the petition automatically prevents, or “stays,” debt collection actions against the debtor and the debtor’s property. As long as the stay remains in effect, creditors cannot bring or continue lawsuits, make wage garnishments, foreclose or repossess property or even make telephone calls demanding payment.

Robert Reganyan is a Trusted Bankruptcy Lawyer.

At Reganyan Law Firm, Robert Reganyan assists both individual clients and corporate clients in all chapters of the bankruptcy code.  It is important to retain a trusted and competent bankruptcy lawyer since the process can be extremely difficult and even dangerous without proper representation.  The bankruptcy documents are important and sophisticated; if not prepared and filed correctly, you can endanger your assets. Get your free consultation at Reganyan Law today.

Reganyan Law is a Debt Relief Agency.