What is Informal Bankruptcy?

Informal bankruptcy is a term used by industry professionals to describe a growing underclass of individuals forced into mortgage foreclosures, car repossessions, student loan default and other harrowing financial mishaps caused by the economic downturn.  Many are inadvertently opting for informal bankruptcies because they are not aware of the privileges afforded to debtors in a bankruptcy filing.

Consumer bankruptcy is a power tool that can allow you to keep the assets that you need to function in everyday life, including your home and your car.  Do not fall prey to informal bankruptcy.  Contact an experienced bankruptcy attorney at the Fears | Nachawati Law Firm to learn about your rights as a debtor.