understanding bankruptcy laws



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Bankruptcy Overview Bankruptcy, when you come right down to it, is the process that enables those who are unable to pay their debts get a fresh start. It allows for some or all of these debts to be discharged or reorganized. Individuals or businesses may file bankruptcy. This enables you to clean the slate and get a 2nd chance with your finances. In most instances, bankruptcy provides a fair method for compensating your creditors as well. The bankruptcy process need not be your worst nightmare. However, there are certain requirements that must be met. You will be required to file a list of all of your outstanding debts and
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In 2004, 1,562,174 Americans sought protection from creditors through bankruptcy court - a per capita rate over ten times higher than during the worst years of the Great Depression! According to the Consumer Federation of America, in 2003 alone over 9 million consumers made initial calls with a credit counseling agency and in 2004 close to 2 million consumers were actually enrolled in varying types of assistance plans. These numbers clearly indicate that personal debt in the United States is higher than it has ever been and financial stress is very much a reality for millions of Americans, across all
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