Bankruptcy Law Basics

Everyday, our office is inundated with basic questions about how bankruptcy law operates. These articles are written for both professionals who have little experience with Bankruptcy law and for consumers that contemplate filing bankruptcy. Another group of people that are concerned with bankruptcy is Creditors who are trying to collect on a debt. I apologize now to you Creditors, there is not much for you to like.

First thing you need to know is that the Bankruptcy Courts are creatures of federal law. This means they have some real power, including the power to rewrite contracts etc.