27th Jul 2015
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. Bankruptcy law is primarily comprised of the federal statutory law contained in Title 11 of the United States Code. One of the primary goals of the bankruptcy laws are to provide debtors with financial difficulty an opportunity for a fresh start. In furtherance of this goal, bankruptcy law provides for the development of a bankruptcy plan that allows a debtor to resolve his debts through the division of his assets among his creditors. This court supervised division provides an orderly manner for the debtors non-exempt assets to be dispersed among the creditors with some measure of equality. It also also provides the debtor with assurance that when the bankruptcy is discharged they will have a fresh start free from the financial obligations incurred previous to the bankruptcy.