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Bankruptcy Information
Bankruptcy is a legal process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court.
In many ways bankruptcy provides a fresh start for the debtor. In most cases involving consumer debtors, a fresh start is by far the more significant reason for filing since there are typically few assets available for distribution to the creditors involved.
The Effect Of Bankruptcy On A Spouse:
A married debtor may file for bankruptcy regardless of whether the spouse also files. If the husband and wife have kept their property and debts completely separate, one spouse may file for bankruptcy without affecting the other spouse. For example, if the debtor uses credit cards that are in his/her name only, the spouse cannot be required to pay for that debt out of his/her individual savings. However, it may impact the spouse in that the credit card company can go after any joint savings or property to pay for the credit card bills.
Voluntary Bankruptcy – the debtor files the majority of bankruptcy cases voluntarily. However, creditors are permitted to file involuntary bankruptcy cases against a debtor who is generally not paying his debts as they become due. These types of cases are rare and require 3 or more petitioning creditors who are owed a total of at least $10,000.00. If there are less than 12 creditors in total, then the involuntary petition may be filed by one creditor who is owed at least $10,000.00.
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Chapter 7 – Also known as straight bankruptcy or liquidation. With this Chapter, a bankruptcy trustee is appointed. The trustee then takes possession of the debtor's property, sells the property and distributes the proceeds to creditors.
Individuals, partnerships and corporations can file for Chapter 7 bankruptcy 
and relief is available regardless of the amount owed by the debtor.
In addition, the filing can be voluntary or involuntary.
Chapter 13 – Proceedings for the alteration of debts of an individual with regular income. Formerly known as the wage earner plan, this Code provides an alternative to Chapter 7 liquidations for individuals who have regular salaries or commissions from their employment. However, owners of small, unincorporated businesses can also use it.
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