Bankruptcy Basics

Bankruptcy Basics

Federal bankruptcy law is intended to provide a fresh start to an honest debtor.

Your bankruptcy case is started with the filing of a petition by a bankruptcy attorney. It must be accompanied by a statement of your assets and liabilities and schedules listing your creditors. The property you can keep through the bankruptcy is determined by specific exemptions available under state law. You attorney can advise you about the fait and disposition of your assets.

As an individual, there are two kinds of bankruptcy chapters available to you under federal law: Chapter 7 and Chapter 13