If you are in financial trouble and are considering bankruptcy, please seek immediate legal help.
The United States designed the bankruptcy law to ensure that nobody faces a tremendous burden because of his/her debts. If your debts are unbearable, you may declare bankruptcy and some or possibly all debt may be forgiven so you can start over. Before you declare bankruptcy, make sure you keep in mind the following:
- Bankruptcy laws are federal laws and the cases are brought in federal court. You have to petition for bankruptcy with a judge.
- Not all debts are forgiven when you file Chapter 13 bankruptcy.
- Student loans and tax debt usually can’t be eliminated in any bankruptcy.
- You may be able to keep your home, even when you declare bankruptcy.
- Bankruptcy stays on your credit report for up to 10 years after filing.