Dealing with bankruptcy can be frightening event.  Bankruptcy is meant to give a fresh economic ‘leg-up’ to people who have made some financial errors.  There are two basic types of bankruptcy, Chapter 7, total discharge of debt, and Chapter 13, a reorganization of debt.  There are rules for filing for bankruptcy and conditions must be followed. [ READ MORE ] The downturn in the economy and rising consumer debt has caused the number of Americans filing for bankruptcy to grow.  According to the Administrative Office of the U.S. Courts, there were over 520,000 bankruptcy fillings in the first half of 2008.  Bankruptcy is a federal court process that helps consumers remove their debt in bankruptcy court. [ READ MORE ] Sometimes, despite our best intentions to pay back our debts, our individual circumstances make it an impossible task. Bankruptcy can occur in two different ways – the most common is when an individual or business voluntarily files for bankruptcy. The other potential route to going bankrupt is when your creditors ask the court to order you bankrupt after excessive nonpayment. [ READ MORE ] Before doing any research, you may believe that bankruptcy is simply the process people go through to get out of paying their financial obligations. Bankruptcy is actually very complicated, and neither option (Chapter 7 or Chapter 11) will allow an individual to get out of paying all of your debt! [ READ MORE ] MORE FILING BANKRUPTCY- CHAPTER 7 AND CHAPTER 13 ARTICLES