Bankruptcy

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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. Alternatives to Bankruptcy If you are in financial trouble, there are several alternatives to bankruptcy. Keep in mind that some bankruptcy alternatives may have an impact on filing a subsequent bankruptcy if the chosen alternative option doesn't work. Bankruptcy Terms and Definitions Glossary Bankruptcy Glossary - Helpful Answers and Information on Bankruptcy. Bankruptcy tips In 2003, the latest information available, a record number of bankruptcies were filed. Heather Szerlag tells what it's like and how to get back on the path to financial security. Bankruptcy Tips And Helpful Alternatives Before you file bankruptcy, it is a good idea to look into other alternatives if at all possible. New bankruptcy laws make it more difficult to file than it used to be. Chapter 13 Bankruptcy Explained Chapter 13 is usually preferred by debtors who have valuable assets like a home which is not covered by exemptions and that they want to to keep. Under Chapter 13 a debtor may propose a plan to repay his or her creditors over a period of 3 to 5 year. Chapter 7 Bankruptcy Explained Also called a A "straight" or "liquidation" bankruptcy, Chapter 7 is designed to be an orderly, court-supervised procedure where a trustee collects all of the assets in the debtor's estate, converts them into cash, and in turn distributes it to the creditors, excluding the debtor's exempted property and securing the rights of secured creditors. Coping with new bankruptcy law 5 Tips: Consider filing now; don't add risk to your home; With 1.6 million people filing for bankruptcy each year, the changes will have broad impact.