What is bankruptcy?

By |2019-03-06T02:06:33+00:00March 6th, 2019|

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 2005. Once a bankruptcy has been concluded, the debtor is discharged from many debts, meaning the debtor is no longer legally obligated to pay those discharged debts. The Law Offices of Brent D. George is the premier bankruptcy attorney in Ventura County, CA.