Bankruptcy Information

Bankruptcy is defined as the legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of U.S. cases, the bankruptcy is initiated by the bankrupt individual or organization. The stated goal of federal bankruptcy law is to provide the honest debtor with a fresh start and to repay creditors in an orderly manner to the extent that the debtor has property available for payment. Bankruptcy allows debtors to resolve debts through the division of non-exempt assets among creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of their financial obligations, after their non-exempt assets are distributed, even if their debts have not been paid in full. During the pendency of a bankruptcy proceeding, the debtor is protected from extra-bankruptcy action by creditors by a legally imposed stay.

A bankruptcy case is commenced by the filing of a petition. A statement of assets and liabilities and schedules listing creditors must also be filed.

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