A tough economy has been overwhelming to many consumers and they
are filing for consumer bankruptcy in increasing numbers. What once
was discouraged as a negative stigma is now viewed as an
opportunity to clear the slate and get help with a fresh start
financially. Personal bankruptcy is the only answer in many
individual cases. As hard as it may be to face, when financial
conditions make it impossible to continue financially, it is time
to call upon your consumer bankruptcy attorney. Deal with the problem now, get back on your feet and do better in
Chapter 7 and Chapter 13 Bankruptcy
Of the many types of bankruptcy avenues available, two are most
- Chapter 7 Bankruptcy - This is the most common consumer filing. It allows the bankrupt
person to retain essential property. Non-exempt property is sold
and proceeds distributed to creditors, but in most Chapter 7
Bankruptcy cases there are no assets.
- Chapter 13 Bankruptcy - Chapter 13 bankruptcy allows the individual to keep all or some
of their assets and work out a schedule for repayments with future
The general laws for bankruptcy are federal laws, and filings go
into the US Bankruptcy Court under District Courts. While federal
laws determine the procedures for bankruptcy, the state laws
determine property rights for the individual. Most bankruptcy cases
are voluntary, but some are involuntary when pressed by creditors.
Going bankrupt offers a fresh start for individuals and businesses.
Credit offers will reappear again shortly after bankruptcy and
should be used wisely if at all. The negative to going bankrupt is
that the action will appear on credit history records for ten
years. As soon as the attorney is involved in filing for
bankruptcy, the individual will be able to put a halt to creditor
calls and harassment.
Find a Local Chapter 7 or 13 Bankruptcy Attorney
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