THE BANKRUPTCY CODE REQUIRES THAT YOU TELL THE COURT WHO YOU OWE AND WHAT YOU OWN.
This is the basic starting point. Our office will assemble sworn statements of income and expenses, a property list, and a list of creditors. We rely on you to provide that information, and then a package of documents is prepared. You will review them and sign them. The Court then notifies your creditors that you have filed, and issues a STAY ORDER which stops all collection efforts immediately.
The people you owe are notified and once your case is completed, the debt is simply CANCELED. You don't owe it any longer. This is the DISCHARGE under Bankruptcy Law.
Your obligation is to honestly account for your property, income and debts. You do not have to prove any reason for your money problems. Federal Law very simply gives you a right to file for relief from your debts. After the trustee has distributed anything the creditors are entitled to, you get that DISCHARGE, which is the final "erasure" of all your debts listed in your filing.
Once you file, all the bill collecting, any garnishments and added interest has to, as a general rule, stop. And when you are DISCHARGED, you never have to pay any more on those old bills. If a Creditor has SECURITY, they always have a right to at least the value of the security or the thing itself. You cannot get a DISCHARGE against a SECURED creditor without giving the thing securing the loan or paying its value.
G. Paul Marx, A Professional Law Corporation
THE DEAL THE TRUSTEE EXEMPT PROPERTY
MORTGAGES, SECURED CREDITORS TRUSTEE ACTIONS
NEW LAW- OCTOBER 17, 2005 BANKRUPTCY REFORM ACT
THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.