In many cases, bankruptcy can be avoided if the habits that lead to one filing bankruptcy are curbed early on in life. It is never too soon for individuals to learn how to avoid bankruptcy.
People in the United States tend to live on credit quite a bit. Many individuals feel pressured to keep [...]

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Filing bankruptcy is a personal, and often a very emotional decision. Thousands of people each year file different types of bankruptcy petitions to either eliminate or consolidate their debt. Although the laws for filing bankruptcy have become more stringent in recent years, many people who find themselves in a situation where they cannot [...]

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Many individuals who file bankruptcy do so under Chapter 13 bankruptcy laws. A Chapter 13 bankruptcy consolidates your debt, eliminates interest payments due to creditors and, in most cases, lowers the debt. This is all done under the protection of Federal Bankruptcy court. The individual who files Chapter 13 bankruptcy is then [...]

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Just as certain assets are exempt from bankruptcy, so are certain debts. Certain debts that you may accumulate will still have to be paid, whether or not you file bankruptcy. These debts are considered debts exempt from bankruptcy law.
One example of debts exempt from bankruptcy is child support. If you have been [...]

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An individual filing bankruptcy can file under two different chapters: Chapter 7 and Chapter 13. Most bankruptcy petitions are filed under Chapter 7. A Chapter 7 bankruptcy relieves the debtor of most of their debts and gives them an opportunity to start again in building and maintaining credit.
Although the laws have changed [...]

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 received a lot of objection from bankruptcy lawyers, judges and consumer advocate groups. Many felt that this act, which became effective on October 17, 2005, would hurt consumers who got in over their head with credit card debt and not give them the option [...]

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Many people think that when someone files bankruptcy, they lose everything they own: House, car, clothes and furniture. This is not the case. Most items that people need to live are assets that are exempt from bankruptcy law. Even with the new bankruptcy laws intact, those who file bankruptcy are [...]

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The advantages of bankruptcy give a debtor relief from insurmountable debt that is difficult or impossible to pay. Unlike days of old, there are no debtors prisons in the United States or most of the civilized world. People who do not pay their bills, however, are subject to being named in a lawsuit [...]

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