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Bankruptcy Basics

Bankruptcy Overview

Bankruptcy Basics is designed to provide basic information on different aspects of the federal bankruptcy laws.  It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and to answer some of the most commonly asked questions about the bankruptcy process.

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Bankruptcy Basics - Part 1: Introduction


 

What is bankruptcy? What happens in a bankruptcy case? Bankruptcy is a legal process that provides relief for individuals who can no longer pay all of their debts. If you are considering bankruptcy, this video will give you basic information about the process, the relief it offers, and how to find the legal help you may need.

Bankruptcy Basics - Part 2: Types of Bankruptcy


 

A brief review of the three main types of bankruptcy cases for individuals chapters 7, 11, and 13. The most common types of bankruptcy are chapter 7, which are liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.

Bankruptcy Basics - Part 3: Limits of Bankruptcy


 

Certain types of debt, such as child support, alimony, and most student loans, cannot be discharged in bankruptcy. Wrongful conduct may make some debts non-dischargeable. Examples of such conduct are incurring credit card charges without the intent or ability to repay, or obtaining loans using false financial information.

Bankruptcy Basics - Part 4: Filing for Bankruptcy


 

How does someone file a bankruptcy case? In order to file for bankruptcy, an individual must take a credit counseling course to learn about alternatives to bankruptcy as well as accurately complete and file a number of documents.

Bankruptcy Basics - Part 5: Creditors' Meeting


 

Every debtor is required to appear at a creditors' meeting conducted by a trustee who asks the debtor questions about the debtor's financial condition and gives creditors the opportunity to do the same.

Bankruptcy Basics - Part 6: Bankruptcy Crime


 

A debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a bankruptcy crime.

Bankruptcy Basics - Part 7: Courts Hearings


 

In some cases, a debtor may be required to appear at hearings before a bankruptcy judge.

Bankruptcy Basics - Part 8:
The Discharge


 

Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.

Bankruptcy Basics - Part 9: Legal Assistance


 

When does someone need a lawyer for a bankruptcy case? Individuals have a right to represent themselves in court, but bankruptcy is a complex area that involves many considerations including whether to file, what chapter to file under, and what exemptions to claim. It is important to understand all of the protections of the bankruptcy code in order to make full use of them.

United States Trustee Program

The United States Trustee Program is the component of the Department of Justice responsible for overseeing the administration of bankruptcy cases and private trustees under 28 U.S.C. §586 and 11 U.S.C. §101, et seq.  The Program's website contains information about the United States Trustee Program and the federal bankruptcy system.

U.S. Trustee Program
Bankruptcy Information Sheet