What Is Bankruptcy?
A bankruptcy is a legal declaration that an individual or organization is unable to pay its creditors or debts. Bankruptcy filings are mostly regulated by laws under the jurisdiction of the federal government. The validity of bankruptcy claims and exemptions are governed by state law and vary from state to state.
Other Bankruptcy FAQs
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Q:
Is child support dischargeable in bankruptcy?
A: Typically, child support obligations cannot be discharged through bankruptcy. Child support obligations might include other types of support as well, such as medical … More -
Q:
Does filing for bankruptcy allow me to modify my child support obligation?
A: Maybe. If your income has drastically changed for various reasons, such as layoff or illness, then you may be eligible for a modification of your child support … More -
Q:
Do I need an attorney to file bankruptcy?
A: Federal law does not require you to have an attorney. You are allowed to file pro se, that is, on your own without an attorney. However, without the assistance of an … More -
Q:
How long does the bankruptcy process take before debts are discharged?
A: In Chapter 7 bankruptcy proceedings, debts can be discharged in a matter of months in a relatively uncomplicated case involving few or no assets. On the other hand, … More -
Q:
Who Can File For Bankruptcy?
A: Any person, partnership, corporation or business trust may file bankruptcy. In addition, charitable or social organizations may also file for bankruptcy. United States … More -
Q:
Someone who owes me money filed for bankruptcy. How do I know if I can still collect my debt?
A: If you are a creditor, or someone to whom the debtor owes money, then you will be given notice of the bankruptcy proceedings, as well as notice to file a claim for … More -
Q:
How Do I Know If I Should File For Bankruptcy?
A: You should file if you are unable to pay your debts and there is no possibility that you ever will. The most common reasons for filing for bankruptcy are unemployment, … More -
Q:
Will I Lose My House, Car, And Other Personal Property?
A: Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as … More -
Q:
How can I find out if a person's debts were discharged during bankruptcy proceedings?
A: Federal bankruptcy court records are public records to which the public has free access. You should contact the Clerk of the U.S. Bankruptcy Court in the area in … More -
Q:
Can I be evicted if I file for bankruptcy?
A: Yes, in some circumstances. While a bankruptcy filing does prevent your landlord from terminating your lease or filing an eviction lawsuit against you, the landlord … More
