Bankruptcy

Bankruptcy Pros and Cons

What is the process of filing for bankruptcy?

Filing for bankruptcy is a very personal decision. Most people file when they have made a good-faith effort to repay their debts, but see no way out other than to file for bankruptcy. Such people and businesses may declare bankruptcy by filing a petition with the U.S. Bankruptcy Court, that is, a request that the court provide protection and relief under the Bankruptcy Code. In addition to that request, the debtor must provide information about his or her assets, liabilities, income and expenditures. Often, debtors have a lawyer prepare and file the petition and other information for them, but some debtors represent themselves.

>>What exactly is bankruptcy?
>>What is the process of filing for bankruptcy?
>>Right now, I cannot pay my debts. Besides bankruptcy, do I have any options?
>>Is there anybody in particular I should contact about these options?
>>I owe money to many creditors. What should I do?
>>What are the advantages of filing for bankruptcy?
>>What are the disadvantages?

Practical Law Home | Bankruptcy | *Bankruptcy Pros & Cons* | Chapter 7 | Chapter 13