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  • An Introduction to Common Bankruptcy Terms (Part 2)

    Understanding common bankruptcy terms mean can be essential to alleviating your stress levels as your work towards securing a financial fresh start.

    Understanding common bankruptcy terms mean can be essential to alleviating your stress levels as your work towards securing a financial fresh start.

    In continuation of An Introduction to Common Bankruptcy Terms (Part 1), here are some additional bankruptcy terms that you will likely need to know as you prepare to file for bankruptcy. Understanding what these terms mean can be essential to improving your awareness of how the bankruptcy process proceeds while also alleviating your stress levels as your work towards securing a financial fresh start:

    • Bankruptcy exemptions refer to the maximum allowable value of specific assets, such as a debtor’s home, car and some personal items, that can be excluded from the bankruptcy estate and, therefore, ineligible to be liquidated to pay creditors. There are specific maximum values set for different types of property, and an experienced bankruptcy lawyer can help you decipher what property you own would be considered a viable bankruptcy exemption.
    • Wage garnishments refer to the seizure of a portion of your month wages or annual salary that is used to pay off creditors. For example, defaulting on a student loan can lead to creditors petitioning for your wages to be garnished in order to pay off your debt.
    • Automatic stays refer to court injunctions that are immediately enacted as soon as your petition to file for bankruptcy has been approved. Once an automatic stay is granted, creditors can no longer contact your, attempt to garnish your wages or file lawsuits against you in an effort to collect the debts you owe them.
    • Unsecured debt refers to any debt accumulated that does not have collateral backing it. The most common types of unsecured debt involved in bankruptcy cases include credit card debts, medical bills, etc. Unsecured debt is eligible to be discharged through bankruptcy.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.

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