| What sort of things will you encounter when finding | | | | your unpaid balances become paid, property you |
| information on bankruptcy? | | | | acquire after the bankruptcy is yours and not |
| • You will first learn about the process. The | | | | required to be reported, there is no minimum amount |
| process begins with filing a petition with your local | | | | of debt (chapter 7). Yet the disadvantages are that |
| bankruptcy court in which you will provide your | | | | bankruptcy is hard to overcome, some debts can |
| bankruptcy attorney with all of your financial | | | | survive and be collected upon, co-signers can be |
| information. | | | | responsible for your debt and in the case of chapter |
| • You will find that the non-business owner | | | | 13, certain people such as stockbrokers and |
| has two bankruptcy options. The first is Chapter 7 in | | | | commodity brokers cannot file for chapter 13 |
| which you will have a court appointed trustee who | | | | bankruptcy. |
| will attend a "meeting of the creditors" with you to | | | | • You will also learn about involuntary |
| answer questions regarding your financial status. It is | | | | bankruptcy, which is when the creditor files the |
| after this meeting that the trustee liquidates some of | | | | bankruptcy petition (very unusual). |
| your property to satisfy the debt of your creditors. | | | | Finding bankruptcy information isn't very hard at all |
| In some cases you are allowed to retain some of | | | | since there are many sources on the Internet and |
| your property. The second form of bankruptcy is | | | | there are a few that provide you with very useful |
| Chapter 13 in which you file a plan for repaying your | | | | amounts of information that you can learn and keep |
| debts through your court appointed trustee. Your | | | | in mind in case anyone tries to tell you something |
| trustee then takes the money to pay your debts. | | | | incorrectly that can damage your case. Just be |
| • When finding information on bankruptcy | | | | educated and you'll be fine. |
| you will find that some of the advantages are that | | | | |