The first step is understanding what bankruptcy is and how it will affect your life.
The Legal Definition
Bankruptcy is a legally declared inability of an individual (you) to pay their creditors (the people you owe money to). Creditors may file a bankruptcy petition against a debtor (you) in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor.
The primary purpose is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.
More Than A Definition
Bankruptcy is a very personal thing - and no one clear definition applies to everyone. To truly understand how bankruptcy will affect YOU we recommend, 'The New Bankruptcy'
from Nolo Press.
from Nolo Press.This book provides a clear path through the bankruptcy maze! It was recently updated with the latest legal codes and simplifies the bankruptcy process into terms that everyone can understand - without jargon or complex terminology.
It includes clear-cut answers, information and strategies you need to determine:
- If you qualify for Chapter 7 bankruptcy
- How Chapter 13 repayment plans work
- Which debts are wiped out
- If you can keep your home, cars and other property
- Alternative ways to handle debt problems
- And much more...
It includes worksheets to help you determine whether you can file for bankruptcy, and includes helpful checklists, sample forms and easy-to-use legal charts for all 50 states.
Here's what some readers have said about this book:
"Easy to understand. Comprehensive enough to be helpful to anyone."
"Thank you, Nolo. Buying this book was the best thing I've done this year."