What is Bankruptcy?

You have the choice of declaring bankruptcy when you owe your creditors more than you can pay. It’s a legal process that makes you get a fresh start financially. Bankruptcy filings, in recent years in Tucson have managed to reach all-time-high.

This is a serious matter which may have significant and long-term consequence. Whereas it might be an option, it is not an easy way out. It’s vital to get specialized or professional counseling about your options. Note also that bankruptcy law is intricate and changing.

Subject to your personal financial state and the state or federal law which applies, when you declare for bankruptcy, you might eliminate some of your debts, or just repay a portion of every debt that you owe. The court might let you keep some of your properties in the process.

Note: Bankruptcy generally doesn’t erase alimony, fines, child support, majority of student loan obligations and some taxes. When you file, you are going to have court and legal costs. Since this is a complicated legal process, you can contact the law firm of Eric Ollason, Attorney at Law to not only advise you about this intricate process but also take charge of your bankruptcy filing among other legal issues pertaining to your bankruptcy.