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 may be able to obtain a brand-new bank card after you have submitted for insolvency, although the offers available to you after your discharge will likely be various than those you obtained previously. You might locate that you are seeing greater rates of interest as well as charges, and a lot more limited credit lines.
If you are stressed that you will certainly be denied for a normal bank card, you may desire to get a protected credit card. Secured bank card need you to set up a collection quantity of loan to the business, and this amount serves as your credit limit on the account. If you make repayments on schedule, you will certainly begin to improve your credit rating report.
- What happens to my assets during a bankruptcy?
It depends upon which kind of personal bankruptcy you submit. In a chapter 7 insolvency, a person must provide all of his or her building and also debts. There are limits on the quantity of residential or commercial property one can maintain while still eliminating financial obligation, although there are exceptions for particular kinds of properties(as an example, your residence or car). Under phase 13, you may be able to maintain the majority of your building.
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