WHAT IS BANKRUPTCY?
Federal bankruptcy eliminates insolvency, providing a debtors fresh start. To initiate a bankruptcy proceeding, individuals or business entities file a petition along with a statement of assets and debts owed to creditors. Through bankruptcy, the debtor must relinquish certain property and may retain possession of certain “exempt property” available under federal and state law. Property exemptions available depend on where the bankruptcy is filed.
WHAT IS BANKRUPTCY-LAW-ONLINE?
Bankruptcy-Law-Online.com provides users free information about Chapter 7 and Chapter 13 bankruptcy guidelines in the United States. Topics are arranged to enable users to discover what is bankruptcy, eligibility for bankruptcy, lists of required forms, outlined steps required for filing in bankruptcy court, and the role of lawyers for Chapter 11 bankruptcy.