Bankruptcy Law

Consider whether Chapter 7 bankruptcy laws meet your financial needs Chapter 7 bankruptcy is called 'liquidation.' An individual's property may be confiscated and sold to pay back some of your debt. However, some types of debts can be eliminated in a Chapter 7 bankruptcy case. Some property is exempt under certain states' Chapter 7 bankruptcy laws, like clothes, car and furniture. A Chapter 7 bankruptcy lasts 3 to 6 months on average.

I recommend:  Chapter7.com offers a free online evaluation, as well as state by state requirements for Chapter 7 bankruptcy, and a listing of bankruptcy law attorneys. BetterBankruptcy.com offers a list of common terms that are useful to know when you go through the process of filing for bankruptcy.

Ask about Chapter 13 bankruptcy laws if you want to pay back your debts The most common type of consumer bankruptcy is Chapter 13, or 'reorganization.' Under Chapter 13 bankruptcy, a consumer gets to keep all her property, but must pay all or some of her debt in monthly installments over a period of time; usually 3 to 5 years depending on the size of the debt. Under Chapter 13 bankruptcy laws, you don't lose property.

I recommend:  Evaluate all the options available to you before making a final decision. Debtmerica Relief and Match My Budget are online resources available to those considering debt relief options prior to filing for bankruptcy.

File Chapter 11 for your business bankruptcy Under Chapter 11 bankruptcy laws, you don't have to close your business. You do, however, have to come up with a court and creditor-approved plan to repay your debts while you continue to operate your business. If a trustee is appointed to your case, the trustee takes control of your business and its property.

I recommend:  JustAnswer.com offers online legal experts ready to answer your questions about bankruptcy. LegalZoom.com offers legal document services if you're interested in filing for bankruptcy without the cost of partnering with an attorney.

Find a bankruptcy law attorney You do not need to partner with bankruptcy law firms to file for bankruptcy. However, if you want the process to go smoothly, it may be wise to get one. If cannot afford a lawyer, check with your local legal aid office for a listing of bankruptcy lawyers who offer free representation.

I recommend:  FamilyLegal lists a variety of bankruptcy lawyers and bankruptcy law firms specialized in the field of bankruptcy law. Legal Helpers is a law firm with experienced bankruptcy law attorneys.