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What is Personal Bankruptcy?

Understand How Filing Bankruptcy Could Help You

Bankruptcy Case Evaluation by a Local Lawyer

The U.S. Bankruptcy Code allows debtors the change to have certain debts discharged—or eliminated—in order to seeks a fresh financial start. Debtors are able to free themselves from financial obligations through liquidation of assets or a partial repayment.

Bankruptcy is a federal law, enacted by Congress, that provides equal protection across the nation, including Washington D.C. and U.S. territories. However, each state allows for its own exemptions—property that is protected from creditors and the bankruptcy court.

Over the past years, millions of Americans have used personal bankruptcy protections to eliminate unmanageable debts. A local bankruptcy attorney can help you evaluation your financial situation and determine whether or not personal bankruptcy is the right option for you.

Connect with a local lawyer today. Simply fill out our free case evaluation form or call 877-833-2410 to speak with an attorney near you who can evaluate your case.

Bankruptcy Defined

Bankruptcy is a federal court process that allows debtors to address debts under temporary protection from most collection actions. Different types of consumer bankruptcy are designed to help people in different circumstances:

  • Chapter 7 bankruptcy contains provisions for the elimination of credit card and other debts via a sale (liquidation) of any non-exempt assets. Most debtors who file Chapter 7 bankruptcy have no non-exempt assets, allowing them to keep their property.
  • Chapter 13 bankruptcy provides the breathing room to pay back debts over time while keeping property. Chapter 13 bankruptcy involves a three-to-five year repayment plan, and may cover more types of debt than Chapter 7.

One of the most powerful protections offered by the U.S. Bankruptcy Code is the automatic stay. In most bankruptcy cases—both Chapter 7 and Chapter 13—the automatic stay is entered as soon as the bankruptcy petition is filed and prevents most creditors from taking any kind of collection action.

What Does Bankruptcy Mean for You? Ask a Bankruptcy Lawyer

Many people have misconceptions about bankruptcy or are concerned about stigma associated with the process. The truth is that the U.S. Bankruptcy Code was written to protect people in difficult financial circumstances.

We can put you in touch with a local bankruptcy lawyer who can clarify what bankruptcy might mean for you, examine your filing options and help you proceed as you seek positive means to take control of your debt.

All you have to do is fill out our free bankruptcy evaluation form or call 877-833-2410, and we'll connect you with a bankruptcy lawyer near you who can evaluate your case.

Free Case Evaluation