About Bankruptcy...

The goal of this website is to give a person thinking about filing for bankruptcy, the information needed to make an informed decision. Hopefully you will have a adequate understanding of what the law allows before you meet with a bankruptcy attorney or lawyer.

The objective of the federal bankruptcy law is to give an honest debtor an opportunity for fresh start. To start a bankruptcy case you must file a petition and a statement of your liabilities, your assets and a schedule listing your creditors.

The properties that a debtor can keep through the bankruptcy is decided by the exemptions available under state law. Residents of some states can to choose federal exemptions instead of state exemptions.

Before you decide if bankruptcy is the appropriate course of action might want to read our alternatives and our frequently asked questions sections so you can get a bettor understanding of bankruptcy.

The two main chapters under which individuals can file personal bankruptcy are Chapter 7 and Chapter 13 . Chapter 7 bankruptcy is a liquidation of the assets while Chapter 13 bankruptcy is a reorganization and the debtor sets a three to five year payment plan.

Usually the main reasons for filing personal bankruptcy are large credit card debts, unexpected medical expenses, loss of job, and of course divorce. Not to mention that these are not only harsh financially but also cause an enourmous amout of stress. This is why it is important that you consider all options and alternatives before deciding which option makes the best long term sense.

If you decide that personal bankruptcy is the best available option then you should educate yourself on the federal bankruptcy law. Bankruptcy is a very important decision and the law and applying it can be very complicated and it is recommend that you consults with an experienced attorney with experience in personal bankruptcies. If you feel comfortable with starting a bankruptcy process without a lawyer or attorney, there are online bankruptcy services that can assist you. You can complete the bankruptcy forms on your own but it can be confusing and you should be cautious.