Bankruptcy is a legal procedure designed to provide relief for individuals who can no longer afford to pay off their debts. This video provides basic information about the bankruptcy process.
There are different types of bankruptcy, organized into "chapters" of the bankruptcy. Learn the basics of each chapter, and how they might work in different situations.
Read more about Chapter 7 and Chapter 13 options »
While bankruptcy offers powerful protection from debts, it's discharge is not universal. This video explains what types of debt cannot be wiped out through bankruptcy.
There are many steps involved in filing a bankruptcy petition with the court. This video explains the requirements and common paperwork involved in the process.
One important step in the bankruptcy process is the meeting of creditors. In reality, as this video explores, the debtor meets with the bankruptcy trustee. Representatives of the creditors are invited to attended, but they rarely do.
Read more about the meeting of creditors »
Whether intentional or accidental, any omissions or false statements in a bankruptcy petition could lead to criminal bankruptcy fraud charges. This video explains what sort of actions can lead to bankruptcy fraud, and how to avoid them.
Read more about bankruptcy fraud »
In rare cases, a bankruptcy filer may have to meet with a judge of the bankruptcy court. This video explains why this might happen, and what occurs at such a hearing.
At the end of a successful bankruptcy case, the filer's eligible debts are discharged by the court, legally ending any obligation to repay them. This video explains the discharge in detail.
Read more about the bankruptcy discharge »
The law doesn't require a bankruptcy petitioner to work with an attorney, but most filers choose to let a lawyer represent them and guide them through the process.
All videos courtesy of the U.S. Courts website.