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 Bankruptcy is a legal process that provides relief to many individuals who can no longer pay all of their debts.
Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws.
It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process.
In 2005, the Bankruptcy Code was amended to require that most individual debtors complete a special briefing from an approved credit counseling agency before filing a bankruptcy case.
In most states, the United States trustee is responsible for approving the providers that offer this special pre-bankruptcy briefing, and in the six districts located in Alabama and North Carolina, the bankruptcy administrator assigned to those districts approve them. The United States trustee and the bankruptcy administrators maintain a list of approved providers.
Read Bankruptcy Basics Online
Read Bankruptcy Basics, watch the videos.
Process
The Discharge in Bankruptcy
Chapter 7. Liquidation Under the Bankruptcy Code
Chapter 13. Individual Debt Adjustment
Chapter 11. Reorganization Under the Bankruptcy Code
Chapter 12. Family Farmer Bankruptcy or Family Fisherman Bankruptcy
Chapter 9. Municipality Bankruptcy
Chapter 15. Ancillary and Other Cross-Border Cases
SCRA. Servicemembers' Civil Relief Act
SIPA. Securities Investor Protection Act
Glossary - Terms You Need to Know
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