? What Is Bankruptcy

For individuals facing financial difficulties, bankruptcy may offer a path to finding relief from overwhelming debt. However, there are different kinds of bankruptcies and some are available only in specific circumstances. In this section, you can find information on the basics of what bankruptcy is, the differences between Chapter 7 and Chapter 13 bankruptcy, and answers to common questions about bankruptcies. Additionally, this section contains articles detailing the specific benefits provided by the different types of bankruptcies, along with their limits. To get started, please select one of the links below.

Bankruptcy Basics

Bankruptcy is a legal process meant to give people a fresh start by relieving burdensome debts. In a Chapter 7 bankruptcy, for example, the debtor’s property is liquidated and the proceeds paid to his or her creditors. In a Chapter 13, on the other hand, the debtor creates a repayment plan and repays his or her debts in accordance with it. Once the bankruptcy process is complete, the filer typically is released from personal liability for most debts. Find introductory information on bankruptcy below, including a more detailed definition of bankruptcy, information on changes to bankruptcy laws, and the key distinctions between the most common forms of personal bankruptcy.


Benefits of Bankruptcy

Filing for bankruptcy is a complicated, emotional process. It involves more work than most people realize and can have serious effects on your financial life for years to come. To determine whether or not filing for bankruptcy is the best option for you, you should review information on what bankruptcy can and cannot do to improve your financial situation. After taking a look at the resources below, you may find that your situation doesn't require filing for bankruptcy, or that bankruptcy won't have the effects that you desire. On the other hand, you may find that filing for bankruptcy could help you out of a difficult financial bind.

:Learn About Bankruptcy Basics
Bankruptcy



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