Personal Bankruptcy

The stated goal of federal bankruptcy law is to provide the honest debtor with a fresh start.

A bankruptcy case is commenced by the filing of a petition. You must also file a statement of your assets and liabilities and schedules listing your creditors.

The property a debtor can keep through the bankruptcy is determined by the specific exemptions available under state law. Bankruptcy Information allows you to search for state exemptions. In addition, residents of certain states are allowed to choose federal exemptions instead of state exemptions.

A last resort, if you find yourself unable to pay off your debts, is filing for personal bankruptcy. While such a situation is very stressful and will all but put an end to your credit rating for a long time, the federal bankruptcy law is designed to provide someone with a fresh start. It's a step

There are two types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidating your assets and turning them over to the courts. A trustee of the courts follows a court-supervised procedure, reduces the debtor’s assets to cash, and then pays the creditors. State or federal law will exempt some assets in both types of bankruptcy.

Bankruptcy is something that one enters into with the help of a qualified bankruptcy attorney, who will usually look first to see if there are any possible alternatives. Should bankruptcy be the only option, you'll begin by filing a petition with a statement of your assets and liabilities, as well as a list of your creditors.

Considering Bankruptcy?

Contact WORLD Law Direct's experienced Personal Bankruptcy Lawyers - Present your case now!

Our attorneys and consulting services for filing chapter 7 and chapter 13 consumer bankruptcy are available online 24 hours a day, 7 days a week.