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 applied for insolvency, although the deals available to you after your discharge will likely be various than those you got in the past. You may locate that you are seeing greater rate of interest and also costs, as well as much more limited lines of credit.
If you are fretted that you will certainly be denied for a normal credit history card, you might intend to look for a protected charge card. Safe credit score cards need you to place up a set quantity of loan to the company, and also this amount works as your credit line on the account. If you pay on schedule, you will start to restore your debt record.
- What happens to my assets during a bankruptcy?
It relies on which kind of bankruptcy you submit. In a phase 7 personal bankruptcy, a person should list every one of his or her home and financial obligations. There are limitations on the amount of residential property one can keep while still getting rid of financial debt, although there are exemptions for sure kinds of properties(as an example, your house or car). Under phase 13, you might have the ability to maintain the majority of your residential or commercial property.
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