Consumer Bankruptcy
What Is Consumer Bankruptcy?
Consumer bankruptcy is a change term for physical bankruptcy. It is a procedure through which a person or marriage can achieve debt relief. When someone declares customer bankruptcy, he files a petition with the court to discharge his debts. As part of the bankruptcy process, the court may demand the liquidation of the debtor’s assets. This option is typically used by those who are behind on payments yet have plenty income to repay their debts over an extended period of time.
If a court concedes this type of consumer bankruptcy, the debtor may disseminate his payments out over a long period of time. He may also keep property he might have lost without the bankruptcy. For example, creating a repayment plan as part of a bankruptcy continuing may prevent a bank from foreclosing on the debtor’s home.If either party doesn’t agree, the car loan company may acquire the debtor’s car, or the debtor must pay the company a lump-sum amount that is equal to the car’s current value. Other secured debts may be handled similarly or discharged instead.
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