Bankruptcy Information Center
Helpful Information: Debt Relief, Foreclosure and Bankruptcy
Welcome to our Bankruptcy Information Center. In this section of our website, you will find information on a number of topics related to bankruptcy and debt relief in the U.S. You can find out more about the different types of bankruptcy relief that may be available to you, as well as alternatives to consider. We even dispel common bankruptcy myths and offer answers to some of the most common bankruptcy questions. Whether you are considering filing for bankruptcy, are looking for a local debt relief law firm or are simply interested in finding out more about this subject, you can find the help you need on this website.
Here, we have highlighted some of the primary topics covered by our information center. You can read basic information about these below or can click on the corresponding links to be directed to a page on that specific subject.
Bankruptcy: An Overview
Bankruptcy is a broad subject that, due to its complexity, can be easily misunderstood. There are different types of bankruptcy to consider as well as specific advantages or disadvantages associated with filing. In this area of our site, you can find out more about how bankruptcy may affect you, whether you need an attorney and what will happen when you file. Read more about bankruptcy.
Chapter 7 Bankruptcy
One of the most common types of bankruptcy, Chapter 7 involves the liquidation of assets to pay creditors. Though the term "liquidation" is used here, this does not necessarily mean that a debtor will lose all of his or her assets and property. Much of this is actually protected under state and federal bankruptcy exemptions. Read more about Chapter 7 bankruptcy.
Chapter 9 Bankruptcy
Chapter 9 bankruptcy is a less well known form of bankruptcy that applies to municipalities, including cities, counties, towns and school districts. The municipality will have the opportunity to reorganize their debt in order to repay creditors. Read more about Chapter 9 bankruptcy.
Chapter 11 Bankruptcy
A form of bankruptcy most often utilized by businesses, Chapter 11 bankruptcy is a form of reorganization in which a business or corporation is able to remain open and conduct operations while under the protection of the bankruptcy court. They will restructure their finances in order to repay creditors over time. Read more about Chapter 11 bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves the reorganization and repayment of debt over a period of time, usually three to five years. The amount to be paid will be calculated based upon the debtor's disposable income, which is calculated by deducting necessary expenses from the debtor's income. A key benefit associated with this type of bankruptcy is its ability to help a debtor save a home from foreclosure. Read more about Chapter 13 bankruptcy.
Bankruptcy and Your Debt
If you file for bankruptcy, how will your debt be affected? This is an extremely important factor to consider before you file your petition. Bankruptcy may not discharge all debt, and it will therefore be important to understand how your secured and unsecured debt will be impacted. You can also find out how specific types of debt, such as taxes or a home loan, may be affected. Read more about bankruptcy and your debt.
Bankruptcy and Your Property
Finding out what will happen to your property and assets during bankruptcy is a key issue to look at if you are considering filing a Chapter 7 or Chapter 13 petition. Contrary to popular belief, even under Chapter 7 bankruptcy much of your property will be protected from liquidation. All property and assets are typically protected under Chapter 13 bankruptcy. Read more about bankruptcy and your property.
Bankruptcy and Foreclosure
Facing foreclosure is a frightening situation. You may wonder where you will live or what options you have to save your home, and this is one of the issues that a bankruptcy attorney can address for you. You can find out whether filing for bankruptcy will enable you to save your home or possibly work out an alternative to foreclosure, such as a short sale or deed in lieu. Read more about bankruptcy and foreclosure.
Constant phone calls, threatening letters and outright harassment or abuse by creditors can take its toll on any debtor. If you have been subjected to any form of creditor harassment, you have rights. In some situations, a creditor or debt collector may actually be acting in violation of the law, and you may be entitled to financial damages. Read more about creditor harassment.
Common Bankruptcy Questions
Because it is such a broad subject, you may have a number of questions about bankruptcy. You can find answers to your most pressing questions about bankruptcy, debt relief, your legal rights and various other important topics. If you still want to learn more, you can also connect with a local lawyer who can directly address your questions and concerns. Get answers to your bankruptcy questions.
Finding the Right Bankruptcy Attorney
True, it can be difficult to find the right attorney to address your bankruptcy needs. Listening to recommendations from friends and family and visiting our directory will enable you to compare multiple law firms in your area until you find the attorney who has the qualifications that are important to you. Read more about finding the right bankruptcy attorney.
State Bar Associations
The bar association in your state may prove to be a helpful resource if you are looking for more information on a specific bankruptcy lawyer. You can file a complaint or can review an attorney's record to determine whether they have had any disciplinary actions taken against them. You can find links to all the state bar associations in the U.S. by clicking here.
Interested in talking to a legal professional about your concerns? Find a bankruptcy lawyernear you.