Getting Help With Bankruptcy

Congress enacted the Bankruptcy Code in 1978 to help individuals or businesses that have fallen on hard financial times and to offer a fresh start and a chance to rebuild an economic foundation.    The Bankruptcy Code is the set of Federal laws that provide the procedures, rules, and regulations that may be applied to bankruptcy cases.  Bankruptcy cases are heard in any of the 94 Federal bankruptcy districts throughout the country.  Bankruptcy courts decide the eligibility of the filer or whether the debt can be discharged.  In many cases the court will appoint a trustee to oversee or administrate the case.

The bankruptcy code provides for six basic categories of bankruptcy called chapters, they include:

• Chapter 7 (liquidation of debt under the Bankruptcy Code)
• Chapter 9 (municipality bankruptcy)
• Chapter 11 (reorganization under the Bankruptcy Code)
• Chapter 12 (family farmer or family fisherman bankruptcy)
• Chapter 13 (individual debt adjustment)
• Chapter 15 (ancillary and cross-border cases)

You can’t actually file for bankruptcy online, but you can find a qualified bankruptcy attorney to help answer any questions about the Bankruptcy Code and how the procedure works including which chapter is best suited for any individual situation.   It is a good idea to consult with a bankruptcy attorney before making any decisions regarding filing for bankruptcy.

In this troubled economy, an experienced bankruptcy attorney can help an individual discharge debt or a business to restructure debt and proceed with operations.  A bankruptcy attorney will evaluate your case and explain your debt relief options, how the bankruptcy law works, which chapter is best for you and why, prepare you to negotiate with creditors, and/or help you reach a debt workout agreement without filing for bankruptcy.   Because of the changes to the bankruptcy code with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, you may have to enroll and complete a credit counseling course.  Any agreement worked out in the course will be taken into consideration by the bankruptcy court when deciding your case. 

Financial problems can cause tension within a family and is the leading reason for family breakups and divorce.   Loss of job or over spending can cause a person or business to fall behind on bill payments and lead to many problems including constant and distressing phone calls from harassing creditors, loss of self esteem, anxiety, loss of sleep, and the feeling of a dark cloud constantly over your head.  Filing for bankruptcy can help clear that cloud and lift the heavy burden of debt from your shoulders offering you a new beginning and a chance to rebuild your life. 

Contact a skilled bankruptcy attorney today to get answers to your bankruptcy question or find out what debt relief options are available to you.  Click here to contact an experienced and qualified bankruptcy attorney in your area.

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