What exactly is bankruptcy? People often refer to having no money as "being bankrupt". But that is not bankruptcy. Bankruptcy is a set of laws designed for individuals and businesses (and also railroads and cities) who are unable to pay all their debts when due. What Do Bankruptcy Laws Do? The big picture:  Bankruptcy law is designed to alleviate obligations of debtors (those who owe money) balanced with the rights of creditors (those to whom money is owed) to maximize [...]

When you file a bankruptcy case, the main goal is usually to eliminate the obligation to repay debts. But what if you don't know everybody you owe money to? This is very typical and can result in different ways, such as: You had recent medical treatments, but have not yet received all your bills; Your debts are old and  haven't opened your mail for several years and you don't know who you owe. What happens in cases like these? Do [...]

Many people are not aware that bankruptcy relief comes in different shapes and sizes. Most know about Chapter 7 bankruptcy:  You know, the one where you just "get rid of all your debts" without having to pay anything. Chapter 7 these days has a lot of eligibility requirements, and not everyone qualifies. And, sometimes, those that do qualify would be better served by filing a different bankruptcy chapter. Related Article: See my review of the different bankruptcy chapters. [...]

You know you need to file bankruptcy.  But you are not sure if you qualify or are eligible to file. The good news is that nearly everyone qualifies to file under SOME bankruptcy chapter.    So the questions become:  Which Chapter do I qualify for and which is best for me to accomplish my goals? Each bankruptcy chapter has different qualification requirements and different costs and benefits. Here is a quick summary of the various chapters and what they mean: [...]