Bankruptcy is a legal filing with a court that says a person or company is unable to repay debts. Bankruptcy is a LAST RESORT. It damages credit ratings and remains on credit reports for at least 10 years. Federal student loans, Federal income tax debt and Child support are all exempt from bankruptcy protection laws.
There are three basic type of Bankruptcy: Chapter 7, Chapter 11, and Chapter 13.
Bankruptcy Basics is a good place to start if you are not sure what information you need.
Consumer Law issues involving Bankruptcy include:
- Chapter 7
- Chapter 11
- Chapter 13
- Collection Proof Debtor
- Exemptions
