Posted on May 3, 2021

Bankruptcy Law Office of Mark S. Zuckerberg

What is bankruptcy?

Bankruptcy is a federal court proceeding offered to residents of the United States who are unable to meet their financial obligations as they become due. The Bankruptcy code is that part of the federal law that sets out the rules and procedures for filing a bankruptcy proceeding. The Bankruptcy code is divided into different sections called chapters. While all of the chapters are still considered bankruptcy they each provide a different set of rules so as to permanently relieve you from your debt obligations.

The two most often used chapters to relieve debtors from consumer debts are Chapter 13 which allows you to repay a portion if not all of your debts over a period of three to five years, or Chapter 7, which provides for the complete liquidation of all of your debts.

Call the Bankruptcy Law Offices of Mark S. Zuckerberg, P.C. today for more Consultation.
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