CHAPTER 13 BANKRUPTCY WHAT IS BANKRUPTCY? Bankruptcy is a legal proceeding where people who are unable to pay their debts can “discharge,” or get rid of their debts, and get a new financial start. These proceedings are handled by the United States Bankruptcy Courts, including the U.S. Bankruptcy Court for […]

Chapter 13 Bankruptcy – Reorganization

If you were a big big business (AIG, GM, Chrysler, and BofA) and you ran into financial trouble, then you did not need to file for bankruptcy. You would get preferential treatment from the government, and they would bail you out. Now wouldn’t it be nice if we could all get bailed out by Uncle Sam. But an only realistic and legal alternative, is to file a bankruptcy case.

Chapter 7 Bankruptcy – Liquidation