Bankruptcy FAQs

What is bankruptcy?

"Bankruptcy" refers to the federal law that permits certain entities to obtain permanent relief from many debts and obligations. The intent of the bankruptcy law is to enable debtors to get a "fresh start" in their financial affairs. The bankruptcy law underwent a major revision in 1978, making it easier and more beneficial for debtors to take advantage of the "fresh start" opportunity. Once a bankruptcy has been concluded, the debtor is discharged from many debts, meaning the debtor is no longer legally obligated to pay those dischargeable debts.

Click here to Contact Us or call (202) 289-6565

<< Back to questions