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Declaring Personal Bankruptcy
By Alan Jason Smith

If you're drowning in debt and creditors have your phone ringing off the hook, personal bankruptcy might seem the only way out. Indeed, for people whose debts dwarf their ability to pay, declaring bankruptcy can be a fast way to gain a fresh financial start.

There are two types of bankruptcy petitions you can file: Chapter 7 and Chapter 13. Each of these have a different purpose and different set of circumstances attached.

Chapter 7 bankruptcy involves the seizing and liquidation of your assets. This includes real estate, stocks, bonds and valuable property. Once liquidated, the proceeds are used to pay off the various creditors you owe. Property exempt from Chapter 7 bankruptcy include...
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Copyright 2010
 

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In the News
    Bankruptcy filings up 16 percent
    MILWAUKEE Bankruptcy filings are up 16 percent in Wisconsin during the first half of the year. U.S. Bankruptcy Court records show more than 16,000 petitions were filed through June. Eighty-two percent of the petitions are for Chapter 7 bankruptcy. Thats the type that lets consumers wipe out debt such as credit card balances and medical and utility bills. Bankruptcy attorneys tell the Journal ... Read More ...

    Bankruptcy filings in state up 16% at midyear
    Bankruptcy filings in Wisconsin rose 16% during the first half of this year, an increase lawyers say was driven largely by consumers and small-business operators who couldn't find enough work in the slow economy to keep up with their debts. Read More ...

    Bankruptcy in Connecticut Increases By 24%
    During the first half of 2010, bankruptcy filings for individuals in Connecticut jumped by 24 percent compared to a year ago. In fact, personal bankruptcies accounted for 89 percent of all bankruptcies tracked by the Warren Group, a real estate data firm in Boston, from January to June. Read More ...

 
 
 
 
 

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