How to file for bankruptcy as an individual debtor

Bankruptcy is an effective – yet drastic – way to shield you from your creditors. The proceedings are governed by federal law and are designed to give you a fresh financial start. In October 2005, the U.S. Congress overhauled the U.S. Bankruptcy Code, making it far more difficult to file bankruptcy.
Things You’ll Need:

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Hope for Rebuilding Credit After Bankruptcy

Just the word bankruptcy can send a shiver down the spine and evoke pictures of paupers being shoved through the doors of a debtors prison. We are fortunate no to live in those times, and fortunate that rebuilding credit after bankruptcy is not as difficult as some people might think it is.
There is a misconception [...]

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Super Easy Ways to Increase Credit Score Ratings

Creditworthiness is important is our world today in order to obtain a favorable interest rates on big purchases such as homes, cars and educations, and in order to have easy access to money in case an emergency situation arises. When you are able to increase credit score ratings you have many more options available to [...]

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There is Hope for Getting Credit After Bankruptcy

Credit is such an integral part of our society that any people who go through financial turmoil wonder if, and how, they will be able to get credit after bankruptcy and when it is possible to reestablish credit after bankruptcies.
The answer is that you can and will be able to get credit again, as long [...]

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Am I free to choose between Chapter 7 and Chapter 13? Which type of bankruptcy should I use?

If you meet the eligibility requirements for both, then you can choose the type of bankruptcy that makes the most sense for your situation. However, you may not have a choice:
Under the new bankruptcy law, filers whose incomes are higher than the median income for a family of their size in their state may not [...]

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Reasons for Bankruptcy Reform

(Note: The following article is an excerpt from the U.S. House of Representatives Judiciary Committee Report 109-031. See the Full Text of House Report 109-031, with footnotes, from the U.S. Congress)
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 represents the most comprehensive set of bankruptcy reforms in more than 25 years. The new [...]

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FAQ: Bankruptcy Law Changes

Q: What is the new bankruptcy law, and when did it take effect?
A: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a major reform of the bankruptcy system, was passed by Congress and signed into law by President Bush in April 2005. The majority of changes instituted by this new law took effect on [...]

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The New Bankruptcy Law

Here are some of the major changes you should know about.
Now that the new bankruptcy law is in effect, the landscape has changed for those who are considering bankruptcy. Some filers with higher incomes won’t be allowed to use Chapter 7, but will instead have to repay at least some of their debt under Chapter [...]

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5 Rules for Discharging Tax debt in Bankruptcy

Five Rules for Discharging Tax Debts in Bankruptcy
Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Filing for bankruptcy is one of five ways to get out of tax debt, but you should consider bankruptcy only if you meet the requirements for discharging your taxes.Chapter 7 [...]

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Bankruptcy Basics: When should you throw in the towel?

Bankruptcy Basics: When should you throw in the towel?

Bankruptcy is a scary proposition. The word “bankruptcy” itself sounds so ominous. The media bombards us with nightmare tales of seemingly solid business giants going from bedrock to bankrupt. The list of the bankrupt runs the spectrum from personal to corporate bringing together the likes of Donald [...]

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