Bankruptcy

Bankruptcy is the section of federal law that allows entities (people, or corporations) in extreme amounts of debt to get a "fresh start" by reducing the amount of debt required to be paid, as well as extending the time period in which it must be paid. The bankruptcy laws are popularly referred to by their chapter number which corresponds to the relevant chapter of the Bankruptcy Code. There are five different chapters debtors may file under, three of which are relevant for individuals: Chapter 7, Chapter 11 , and Chapter 13.


New Bankruptcy Laws Will Affect Consumer Filings

The Bankruptcy Abuse Prevention & Consumer Protection Act requires debtors to pass more stringent guidelines to determine whether they can have their debts liquidated through Chapter 7, or whether they must enter a repayment plan through Chapter 13. Because the new laws make it more difficult for consumers to file bankruptcy, consumers should consult with a qualified bankruptcy attorney, to make sure they file the necessary forms to discharge debt.

Learn more about Bankruptcy Chapters

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