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 debt card after you have actually filed for insolvency, although the deals readily available to you after your discharge will likely be different than those you got previously. You may discover that you are seeing greater rate of interest and also costs, as well as much more restricted credit lines.
If you are worried that you will be refused for a regular bank card, you might intend to obtain a safeguarded charge card. Secured charge card require you to place up a collection quantity of cash to the firm, as well as this quantity works as your credit line on the account. If you pay on time, you will certainly start to improve your debt report.
- What happens to my assets during a bankruptcy?
It relies on which type of bankruptcy you submit. In a chapter 7 insolvency, a person has to provide all of his or her home and also financial obligations. There are restrictions on the amount of property one can keep while still getting rid of debt, although there are exceptions for sure kinds of possessions(for instance, your home or vehicle). Under phase 13, you might be able to keep a lot of your home.
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