What is Bankruptcy?
Importantly, it is not the end of the world. Simply put, it is a legal way to recover from a myriad of financial problems. It offers a person or business the opportunity to start over by forgiving debts that otherwise can’t be paid.
Parker & DuFresne understands that the decision to file for bankruptcy is a difficult one. We can help you eliminate debt, stop foreclosures, repossessions and wage garnishments.
The bankruptcy process involves the following basic steps:
- A petition is filed by a debtor (most often) or by creditors (least often).
- The debtor’s assets are measured and evaluated by way of a Means Test.
- The Court determines the terms of repayment.
- Assets are used to repay a portion of the debt, as determined by the Court.
- Upon completion of repayment, the debtor is relieved of the debts that made filing necessary in the first place.
As basic as the steps are, the process itself can be difficult. The legal team at Parker & DuFresne is prepared to guide you through the process in such a way that you are comfortable, confident, and not overwhelmed. Through patient and respectful consultation with you, our attorneys will determine if and what kind of bankruptcy is right for you.
Call today to set up your free consultation! 904-853-3291