Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.
All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.
There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code.
Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation.
Municipalities— cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize.
Businesses may file bankruptcy under Chapter 7 to liquidate or Chapter 11 to reorganize.
Chapter 12 provides debt relief to family farmers and fishermen.
Bankruptcy filings that involve parties from more than one country are filed under chapter 15.
Bankruptcy Basics provides detailed information about filing.
Seeking the advice of a qualified lawyer is strongly recommended because bankruptcy has long-term financial and legal consequences. Individuals can file bankruptcy without a lawyer, which is called filing pro se. Learn more.
Use the forms that are numbered in the 100 series to file bankruptcy for individuals or married couples. Use the forms that are numbered in the 200 series if you are preparing a bankruptcy on behalf of a nonindividual, such as a corporation, partnership, or limited liability company (LLC). Sole proprietors must use the forms that are numbered in the 100 series.
Finding a Lawyer, Including Free Legal Services
If you need help finding a bankruptcy lawyer, the resources below may help. If you are unable to afford an attorney, you may qualify for free legal services.
American Bar Association‘s Legal Help website (link is external).
Legal Services Corporation.
FAQ About Bankruptcy
- Can I apply for a new credit card once I have filed?
You might be able to obtain a new credit rating card after you have applied for insolvency, although the offers available to you after your discharge will likely be different than those you got in the past. You might discover that you are seeing greater rate of interest and also costs, and extra minimal lines of credit scores.
If you are stressed that you will certainly be refused for a regular bank card, you might wish to look for a safeguarded bank card. Guaranteed charge card require you to install a set amount of cash to the firm, as well as this quantity functions as your credit score restriction on the account. If you make repayments in a timely manner, you will start to restore your debt report.
- What happens to my assets during a bankruptcy?
It depends on which sort of personal bankruptcy you file. In a chapter 7 insolvency, an individual should provide all of his or her residential property and also financial debts. There are limits on the quantity of home one can keep while still eliminating financial obligation, although there are exemptions for sure kinds of properties(for instance, your residence or auto). Under phase 13, you might be able to keep the majority of your home.
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