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Provo Bankruptcy Questions and Answers
What is bankruptcy?
One of the most common questions that we get is people really just want to know what bankruptcy even is. There are a lot of misconceptions so here is the basic element or essence of that question. What they're really trying to find out is "what's it going to do for me?"
So bankruptcy is just simply this; you want the federal government to step in on your behalf and say either:
A. I don't have to pay my debts anymore or
B. I can make a special arrangement that makes it easier for me to pay my debts.
We'll talk about how those two things work in a later video but that's really the basics of it. You either can't pay it or you can't pay it as agreed and so what you need to do is basically work something out with the creditor. The nice thing is that the federal government can actually step in and use the powers inside the bankruptcy laws to basically force the creditor to work with you.
