Struggling to Understand Bankruptcy Legal Jargon?

by DeLadurantey Law Office, LLC on November 21, 2011

Financial uncertainty and the inability to keep pace with one’s obligations can make for a very difficult and emotionally troubling time in one’s life. You may feel as if the situation is hopeless, but that is not the case. You may wish to consider filing for bankruptcy protection in order to eliminate certain debts and to move on with your life. The bankruptcy process can be confusing and complicated, in part because of the terminology, or jargon, which informative resources use and which you may not understand.

Understanding Legal Terms

Without an education and experience in this field, it would be difficult for anyone to understand some of the language that is used in the discussion of bankruptcy and bankruptcy-related topics. Fortunately, an attorney can help you to understand these matters by putting them in plain terms. The following are three pieces of bankruptcy jargon that you are likely to encounter, along with an explanation of what they mean:

  • Secured debt – this is a term for all debt where the creditor requires the debtor to put up some form of collateral
  • Arrears – the total amount of unpaid debt at the time the person files for bankruptcy
  • Dischargeable debts – debts that may be cleared through bankruptcy, including credit card debt, medical bills, and many others

If you are currently unable to keep pace with your expenses and ongoing financial obligations, then it is strongly advisable to consult with a compassionate and experienced attorney about your situation. Do not spend another day without ensuring you fully understand the options which are available to you. Contact the Milwaukee bankruptcy attorneys at the DeLadurantey Law Office, LLC, by calling 414-377-0518 today.

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