Debt Relief Video #1
Please note: This presentation provides general information about debt relief and the bankruptcy process. Since the law is continually changing, some information in this program may be out of date, so it should not be relied upon as legal authority. It should not be used as a substitute for reference to the United States Bankruptcy Code (title 11, United States Code) and the Federal Rules of Bankruptcy Procedure, or to local rules of practice adopted by each bankruptcy court. This presentation should not substitute for the advice of competent legal counsel. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.
Intro To Bankruptcy
If you are considering filing bankruptcy, this video series will give you some basic bankruptcy information about the process and the debt relief that bankruptcy offers. I am Licensed Bakruptcy Counselor and Nevada Foreclosure Consultant Damian Falcone. In the first episode in our Bankruptcy series I will provide some bankruptcy information for what you can expect in a bankruptcy case.
This is Get Settled - your source for consumer debt settlement information. As always, for even more information, go to www.falconcreditmanagement.com.
If you have tried the techniques we talked about in our other videos on debt settlement and mortgage foreclosures and are still having trouble paying your debts, then bankruptcy may be a form of debt relief that can help. Bankruptcy is a federal court process designed to provide consumers debt relief under the protection of the bankruptcy court. By filing bankruptcy you may be able to get most, if not all, of your bills discharged – meaning wiped out; keep most, if not all of your property; and get extra time to pay your bills if you have a regular income.
An individual usually files bankruptcy to obtain debt relief or a discharge. A bankruptcy discharge releases the debtor from personal liability for certain debts – in other words, the debtor is no longer required to pay any debts that are discharged. Once the bankruptcy begins creditors cannot sue the debtor to obtain a judgment or try to collect debts in any other way – including communications with the debtor, such as telephone call, letters and personal contacts. And, with only a few exceptions, once the debt is discharged, the creditors have no claim on the debtor’s future income or future assets. A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial “fresh start” from burdensome debts.
In our next segment we will discuss how you can benefit from this debt relief, the various types of bankruptcy, what debts are and are not covered under bankruptcy laws, and which options may be best for you.