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The primary purpose of bankruptcy are:
  1. To give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and
  2. to repay creditors in an orderly manner to the extent that the debtor has property available for payment.
When considering Bankruptcy you want to know that you are making the right choice. Take the first step. Fill out online form to receive a free bankruptcy evaluation by an attorney. A bankruptcy can be very difficult and complex, as millions of Americans discover each year. Take the first step to financial independence and find out if you qualify for a free bankruptcy evaluation with an attorney in your area!

Bankruptcy allows the debtor to resolve his debts through the division of his assets among his creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their assets are distributed, even if their debts have not been paid in full. During the pending of a bankruptcy proceeding, the "Debtor" is protected from extra-Bankruptcy action by creditors by a legally imposed "stay."
Business and Non-Business Filings
Years Ended March 31, 2009-2013
Year Business Non-Business TOTAL
2013 37,552 1,132,772 1,170,324
2012 46,393 1,320,613 1,367,006
2011 54,212 1,516,971 1,571,183
2010 61,148 1,470,849 1,531,997
2009 49,077 1,153,318 1,202,395
Source: USCourt

Bankruptcy Chapter 7 :

The individual is allowed to keep certain exempt property, and most liens, such as real estate mortgages, survive. Other assets, if any, are sold (liquidated) by the interim trustee to repay creditors. Many types of unsecured debt are canceled.

Generally, Chapter 7 has the quickest effect and is often the simplest to understand. This is one of the reasons why it is the most popular form of bankruptcy in America today. A disadvantage of filing for personal bankruptcy is that a record of it stays on the individual's credit report for 10 years. This may make credit less available and/or terms less favorable.

chapter 7 is Not For Personal Privacy Seekers:- A full disclosure of your personal financial information is necessary. Some examples of information that must be declared are income, property and assets, liabilities, exempt assets, and all property transactions over the previous two years.

Bankruptcy Chapter 13 & Important Details :

Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan. Compare the goal of Chapter 13 with the relief contemplated in Chapter 7 that offers immediate, complete relief of many oppressive debt(s).

Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3 to 5 year period. During this period, his creditors cannot attempt to collect on the individual's previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed.

The disadvantage of filing for personal bankruptcy is that a record of this stays on the individual's credit report for 10 years. During the pending of a Chapter 13 case the debtor is not permitted to obtain additional credit without the Chapter 13 Trustee's permission. Moreover, creditors may not be willing to risk lending money to such an individual.

Debt Consolidation Vs. Bankruptcy Fact :


  1. It should be file Only if no choice left.
  2. It can build Negative Credit
  3. You can not go for any Loan for at least 10 years
  4. Record of this stays on credit report for 10 years
  5. Create Negative Impression while go for Insurance, car loan etc.
  6. It may create harsh credit consequences
  7. it may also reported to insurers and employers for the rest of your life.

Debt Consolidation :

  1. Go for Debt Consolidation Recommended
  2. Tend to Increase Credit Rating Overall
  3. You are free to apply for another loan
  4. No record stay as soon as you become debt free
  5. Can not draw your credit rating as Negative as Bankruptcy
  6. harsh credit consequences as Bankruptcy
  7. Go for Debt Consolidation if you value your Privacy

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