Bankruptcy Terms You Should Know
Financial struggles can put a large amount of stress on you and your family’s life. If you have unpaid bills stacking up or are afraid to answer the phone because you fear it may be another creditor, you may want to consider the possibility of filing for bankruptcy to discharge your debts or begin paying them off. Unfortunately, bankruptcy law can be very confusing to understand, especially without some sort of legal background. However, by understanding a few key terms associated with bankruptcy, you can take the first step toward understanding how bankruptcy can get you out of debt and on with your life.
At the Bradford Law Offices, PLLC, our team of Raleigh bankruptcy lawyers is dedicated to helping you get out of debt so you can start rebuilding your credit and life. If you have any questions about a bankruptcy law or term, contact us today at 919-758-8879 to schedule a free consultation to discuss your legal options.
Common Bankruptcy Terms
Bankruptcy is a very complex area of law, with a number of terms that a majority of people do not know. However, some common terms you should be aware of when considering bankruptcy include the following:
- Dischargeable debt – any debt that can be forgiven through bankruptcy (credit cards, personal loans, etc.)
- Non-dischargeable debt – any debt that cannot be eliminated by filing for bankruptcy (child support, alimony, student loans)
- Liquidation – selling personal property to pay off creditors
- Automatic stay – stopping any debt collection action from being taken against the debtor
These are only a few of the many terms that may be relevant to your case. If you have any additional questions, make sure you speak with an attorney.
To learn more about common bankruptcy terms as well as your options for getting out of debt, contact a Raleigh bankruptcy attorney at the Bradford Law Offices, PLLC, at 919-758-8879.