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The stated goal of federal bankruptcy law is to provide the honest debtor
with a fresh start. To help you determine if you need a fresh start, you
can use our Credit Card Debt Calculator to determine how long it will take
to pay off your credit cards if you do nothing.
A bankruptcy case is commenced by the filing of a petition. You must also
file a statement of your assets and liabilities and schedules listing your
creditors.
The property a debtor can keep through the bankruptcy is determined by
the specific exemptions available under state law. Bankruptcy Information
allows you to search for state exemptions. In addition, residents of certain
states are allowed to choose federal exemptions instead of state exemptions.
Before deciding the appropriate course of action one may wish to explore
alternatives to bankruptcy and review our list of frequently asked questions
to gain a bettor understanding of the bankruptcy process.
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