Ted Machi & Assoc

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What is Bankruptcy? Bankruptcy is a way for individuals and business who are overwhelmed by debt to discharge their debts or reorganize their debts and start fresh. Bankruptcy is governed by the federal law found in Title 11 of the United States Code. Bankruptcy Terminology Secured Debt: When you made a major purchase and are making payments to a creditor, you most likely signed a "security agreement." After you file your Chapter 7, you may need to make arrangements to pay these creditors or to return the property. If the property has been lost, stolen, sold or given away, you must explain in details the events.Unsecured Debt: This includes most credit cards, medical bills, bank charges, repossession or foreclosure balances, etc. Some creditors may exert a security interest if you have purchased large items with a credit card.

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