All the information you need to make an educated decision
Bankruptcy Help from DebtHelp
Bankruptcy is a legal alternative for individuals or businesses to relieve themselves of major debt loads. While it can be very useful for discharging debt or for instituting a realistic payment plan, filing bankruptcy is a serious move that should be taken only as a last resort. DebtHelp can help you find a lawyer to explain local bankruptcy laws for the options listed below.
Bankruptcy Options
If you have exhausted all other means of debt relief and decide to pursue bankruptcy, which type of bankruptcy is the best for your situation? The most common types of bankruptcy are Chapter 7 (liquidation), Chapter 11, Chapter 12, and Chapter 13 (all reorganizations). No matter which option you choose, it is important to remember the risks and special considerations relevant to bankruptcy across the board. More information about Bankruptcy Options
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is one of the most common forms of bankruptcy, and can be filed by both individuals and businesses. It is "liquidation" bankruptcy, by which debts become discharged and no longer require repayment. For this reason, many people prefer to file Chapter 7 if they are eligible to do so. More Information about Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a type of "reorganization" bankruptcy that implements a payment plan for debts under the discretion of a bankruptcy court. It is for use only by consumers, often those who are ineligible for Chapter 7. The result from filing may be payment in full of some debts, partial payment of some debts, and/or no payment at all for some debts, depending on the terms of the agreement and ability to pay. More Information about Chapter 13 Bankruptcy
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a form of reorganization similar to Chapter 13. It often is used by businesses that do not qualify for Chapter 7 and sometimes by individuals who surpass the qualification limits of filing Chapter 13. More Information about Chapter 11 Bankruptcy
Chapter 12 Bankruptcy
Chapter 12 bankruptcy also is a form of reorganization similar to Chapter 13, but is reserved specifically for use by eligible farmers and fishermen. More Information about Chapter 12 Bankruptcy
Exempt from Bankruptcy: Obligatory Debts
When an individual decides to file bankruptcy, it should be because there are no alternative solutions to the debt problem. Bankruptcy is highly damaging…
How to Choose between Chapter 7 and Chapter 13 BankruptciesSay you decide that filing bankruptcy really is the only debt relief option that will work for you. You have exhausted all other…
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A New Beginning after Bankruptcy: Part II
In addition to obtaining a revolving account, you also should obtain some type of installment loan in order to rebuild your credit to the best of your ability. If you have student loans that…
Being Pushed to Bankruptcy?Sometimes financial hardships become so difficult that filing bankruptcy seems to be the only alternative, but there probably also are…
Negotiated Debt Agreements and DischargeSome people follow all of the right advice for managing debt and still end up in over their heads. Because bankruptcy - at least…
Bankruptcy Red Flag FilingsIn many ways, bankruptcy laws are designed for lawyers. One leading creditor’s attorney claimed that some type of fraud in bankruptcy filings occurs in almost 100% of all cases! Changes in bankruptcy laws often…
A New Beginning after Bankruptcy: Part IFiling bankruptcy is a financial last resort – an option that should be decided upon only when there are no other options left for debt relief. Not surprisingly then, the impact…
