Bankruptcy is a process under federal law designed to help individuals and businesses obtain protection from their creditors. An important goal of bankruptcy is to give people with debt problems the opportunity to start their finances from scratch. For some seniors, bankruptcy does this by eliminating the legal obligation to pay debts. The purpose of the Chapter 13 and Chapter 7 bankruptcy is to eliminate unsecured credit card debt and other forms of consumer debt.
Therefore, the bankruptcy process can help stop foreclosures, end garnishments, stop garnishments, prevent or reverse utility cuts, and block more phone calls, ultimatums and threats to debt collection. The purpose of chapter 15, entitled Auxiliary cases and other cross-border cases, is to provide an effective mechanism for dealing with cases of cross-border insolvency.
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