Bankruptcy GUIDE

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When Considering Bankruptcy  If you are considering bankruptcy there are many things to think about.

Chapter 13 Bankruptcy Chapter 13 of the United States Bankruptcy court provides relief to debtors who want to discharge their debts but are unable to do so because of financial constraints.

Chapter 7 Bankruptcy Chapter 7 bankruptcy, also called straight bankruptcy, helps debtors to liquidate some of their debts, mostly unsecured, and enables them to make a fresh start in life without being incessantly harassed by the creditors' calls for refunds.

Foreclosure Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due tothe owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".

Purpose of Bankruptcy The primary purpose of bankruptcy is:

(1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts;  (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.

Bankruptcy Reasons One of the reasons people file bankruptcy is to get a "discharge." A discharge is a Court order which states that you do not have to pay most of your debts. Some debts cannot be discharged. For example, you cannot discharge debts for: ...

Duties of Trustees Some of the duties of the trustee in bankruptcy are to:

Review the file for any fraudulent preferences or reviewable transactions,
Chair meetings of creditors, .... 

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