Bankruptcy law is a federal law designed to assist individual consumers and businesses facing financial difficulties. With
respect to consumer debtors, the goal of bankruptcy is to help individuals get beyond their financial turmoil and obtain a
fresh start.
The bankruptcy process involves preparing a petition that is to be filed in federal court. The petition contains
information concerning an individual's assets, debts, creditors, monthly income, monthly expenses and financial
information. The debtor must include all of its creditors in the petition. Upon the filing of a petition, the court
grants the debtor with an automatic stay. The automatic stay is a provision in the bankruptcy law that prohibits creditors
from harassing debtors. Specifically, creditors are prohibited from attempting to collect money or obtain property,
starting or continuing lawsuits or foreclosures, freezing bank accounts and garnishing a debtor's wages. In addition,
creditors can no longer make threatening phone calls or send collection letters to a debtor.
The bankruptcy cases we handle include the following:
Important: The new bankruptcy law has passed and been signed into law. The main provisions are expected to become
effective for cases filed on or after October 17, 2005. Some provisions have already gone into effect. Regardless of your
personal situation, if you are planning on filing bankruptcy, it will be easier and cheaper to file it prior to October 17.
Contact Nelson & Schwab today by calling (916) 564-9588 for a free confidential bankruptcy consultation.
If you are having financial hardship and are considering filling for bankruptcy, please call our office at
(916) 564-9588 for a free confidential bankruptcy consultation.
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