Bankruptcy is a legal process that provides relief to many individuals who can no longer pay all of their debts.
Running Time: (2:38)
There are three main types of cases for individuals. The most common are Chapter 7 and Chapter 13.
Part 4 -Filing for Bankruptcy
In order to file for bankruptcy, an individual must take a credit counseling course and accurately complete and file a number of documents.
Running Time: (2:57)
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.
Running Time: (1:27)
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.
Running Time: (3:12)
Part 7 -Court Hearings
In some cases, a debtor may be required to appear at hearings before a bankruptcy judge.
Running Time: (3:42)
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.
Running Time: (1:27)
