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 have the ability to obtain a brand-new charge card after you have filed for bankruptcy, although the deals offered to you after your discharge will likely be different than those you received before. You might locate that you are seeing higher rate of interest and also costs, and also more limited lines of credit score.
If you are fretted that you will be rejected for a normal bank card, you may desire to make an application for a protected bank card. Secured debt cards require you to install a collection amount of money to the company, as well as this quantity acts as your credit limit on the account. If you pay on time, you will certainly begin to reestablish your credit score report.
- What happens to my assets during a bankruptcy?
It relies on which kind of bankruptcy you file. In a phase 7 bankruptcy, an individual must detail every one of his or her home and also debts. There are limitations on the quantity of residential or commercial property one can keep while still eliminating debt, although there are exceptions for sure types of assets(for instance, your residence or cars and truck). Under chapter 13, you may have the ability to keep a lot of your home.
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