Bankruptcy is a legal process to ensure the satisfaction of debt and the ability of entities to continue their livelihood. There are four main sides to any bankruptcy case: debtor(s), creditor(s), trustee, and the court. Each side adds an equivalent part to bring on a whole speedy process to the case.  Click on the informative Understanding Bankruptcy graph below for an explanation of terms.

CREDITOR:
Definition
Garnishment
Liens
Mortgages
DEBTOR:
Definition
Rights and Duties
Protection
TRUSTEE:
Definition
Bankruptcy Trustee
Qualifications
Duties
THE COURT:
Definition
Official Forms
Bankruptcy Types

Garnishment


A legal vehicle used by creditors to collect debt through seizing debtor’s property that is being held by a third party
Garnishment is a legal vehicle used by creditors to collect debt through seizing debtor’s property that is being held by a third party. Most people think of garnishment in terms of wages, but it refers to many more things. Wages are personal property so are tax refunds and pension funds. Wages are held by employers whom are considered a third party. Federal and state laws established limits on garnishment amount and procedures. Garnishment can be a pre-hearing remedy or post-hearing remedy. Federal law protects doesn’t allow employers to fire employees because of garnishment. Garnishment judgments are measured on weekly bases and lasts until the satisfaction of the debt.

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Government Bankruptcy Resources


View local and federal government resources from around the internet.
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What Documents Do I Need To File For Bankruptcy?


We want your bankruptcy to go as smoothly as possible. See what documents you should have prepared.  Read more