In recent years, as more and more Americans have used credit, the amount of problem debt has grown greatly and so has the bankruptcy rate. There are many options for dealing with debt. Whether bankruptcy is the right solution depends on the facts of each particular situation.
This section will help you understand the rules of the two major forms of personal bankruptcy and the other options that exist for those in financial straits.
Note: These pages have been updated to reflect the new bankruptcy laws, which came into effect on October 17, 2005.
Click on the links below for more information in this subject area.
Bankruptcy Pros and Cons
Straight Bankruptcy: Chapter 7
Chapter 13 Bankruptcy