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Bankruptcy is a way to get relief from your debts, either by discharging (stopping collection of) most or all of your debts, or by paying a portion of what you owe over time.

The two most common forms of personal bankruptcy are Chapter 7 and Chapter 13. In Chapter 7, the goal is to discharge most or all debts without paying creditors. However, a Chapter 7 does not force a mortgage holder or auto lender to give you additional time to catch up on payments. In addition, some…

Your financial problems are unique. Only you can decide whether bankruptcy is your best option. You should consider these warning signs: If you are facing foreclosure or repossession; If your creditors have attached your wages or your bank account; If you can't catch up with your bills no matter how hard you try; or, If…

The filing of a bankruptcy has the effect of a court order stopping every one of your creditors from taking any action to collect money. Creditors may not file or pursue lawsuits, foreclose on your home, repossess your car, or even call or write to you without the permission of the bankruptcy court. Once your…

If you choose the right form of bankruptcy for your situation, you are in a better position to keep your house, car, and other property.