Understanding Bankruptcy

Learn the basics so you can know what to expect.

Bankruptcy gets you out of financial distress

Deciding to declare bankruptcy is never easy, but sometimes it’s the decision that really to be made. If you’ve explored all other possible solutions and can’t find relief, bankruptcy may be your best option to put an end to your current problems so you can get a clean slate (mostly) and a fresh start.

Of course, bankruptcy isn’t an “easy way out” but if you know what to expect and what you need to do, you can protect yourself and get through it as quickly and efficiently as possible. And always keep in mind – as intimidating or fear-inducing as the process may be, once you get through it you can finally say goodbye to past financial mistakes so you can start to move forward.

The information below is designed to help you understand what bankruptcy is and the types of personal filings you can make. If you have questions or are ready to get started, call us today at 1-888-457-1633 to connect with the professional services you need to file successfully.

Chapter 7 Bankruptcy

Restart your financial life with Chapter 7 bankruptcy
Also known as a “liquidation” bankruptcy, Chapter 7 sells off your assets to repay as much of your outstanding debt as possible. While this is often the faster option for filing, it also puts things like your cars, homes, and your investments at risk. Can you hit the reset button with Chapter 7?

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy
While Chapter 7 bankruptcy liquidates your assets, Chapter 13 bankruptcy is where the court arranges a limited-time repayment plan that works for whatever limited budget and income you have coming in. You can protect your assets so you’re not left to start from Square One after you file.

Bankruptcy Law: BAPCPA

Bankruptcy gives you a set path out of debt
The Bankruptcy Abuse Prevention and Consumer Protection Act is the main piece of legislation that impacts personal bankruptcy filings in the U.S. We explain how the BAPCPA changed bankruptcy filing and what it means for you if you’re looking to file for Chapter 7 or Chapter 13 bankruptcy.

Bankruptcy Statistics

See how you stack up vs. these bankruptcy statistics
From personal bankruptcy filings for businesses, we look at the latest statistics about bankruptcy filings in the U.S. We also help you understand the numbers that result from filing – like how many years bankruptcy impacts your credit and how much you can expect your score to drop.