Get Of Bankruptcy Law

A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts.

All debtors now have to get credit counseling before they can file a bankruptcy case -- and additional counseling on budgeting and debt management before their debts can be wiped out.

This hearing isn't as scary as the name implies. It's not held in a courtroom, and creditors rarely show up to the meeting of creditors. Other than the 341 hearing, the only time filers may need to go to the bankruptcy court is to file their bankruptcy forms with the clerk.

Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt.

A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy court. Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan.

All debtors now have to get credit counseling before they can file a bankruptcy case -- and additional counseling on budgeting and debt management before their debts can be wiped out.

Any property that you acquire, or that you learn you are set to inherit, more than 180 days following the date of your bankruptcy filing will be yours to keep without concerns about the property being subject to bankruptcy law requirements.