If you are a regular reader of this blog in Florida or elsewhere, you might already know a good deal about national and state laws focused upon debt relief. Concerning bankruptcy, for example, many people are familiar with legal concepts like the "means test" and the "automatic stay" that are central to the bankruptcy process.
A number of our readers might be more than a bit surprised to know, though, that filing for bankruptcy is a legal right that has its origins in federal statutory law crafted decades ago. Moreover, the right of Congress to make rules and laws regarding bankruptcy has its basis in the county's most important and foundational legal document, namely, the Constitution.
Given that bankruptcy law has deeply rooted historical underpinnings and has evolved materially over time, with legislative amendments modifying it on numerous occasions, the subject matter presents a steep learning curve for most people trying to understand it.
That complexity is implicit if not patently apparent for any reader perusing bankruptcy-related information on the United States Courts website, where a wealth of relevant data can be found. On the page relating to bankruptcy process, for example, readers are introduced to six basic forms of bankruptcy potential relevant to individual debtors or businesses.
The types of bankruptcies that are likely to be most familiar to consumers are Chapter 7 and Chapter 13, which, although materially different, are both focused on the same thing -- a fresh financial start following relief from challenging debt loads.
The intricacies and complexities involved in bankruptcy -- the specialized jargon, the timing aspects, the income calculations, the exemptions and so forth -- make it profitable for many persons interested in the process to consult with a knowledgeable bankruptcy attorney.
An experienced debt relief lawyer can explain bankruptcy law and help a person facing insuperable financial challenges employ it to best advantage.