Debt Relief: Bankruptcy: Difference between revisions

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	'''Bankruptcy''' occurs when the federal system of statues and courts ~~that authorizes~~ insolvent individuals ~~and~~ businesses to place ~~his or her~~ financial affairs under the bankruptcy court's control. When the debtor's ~~debts~~ exceed his or her ability to pay, the debtor may file a petition with the bankruptcy court for voluntary bankruptcy.		'''Bankruptcy''' occurs when the federal system of statues and courts authorize insolvent individuals or businesses the ability to place their financial affairs under the bankruptcy court's control. When the debtor's exceed his or her ability to pay, the debtor may file a petition with the bankruptcy court for voluntary bankruptcy.

	There are two types of personal bankruptcy: '''Chapter 7''' and '''Chapter 13'''. Chapter 7 bankruptcy and Chapter 13 bankruptcy are legal proceedings that are avaliable to a person to cope with a financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay a minimial fee for court and attorney costs.		There are two types of personal bankruptcy: '''Chapter 7''' and '''Chapter 13'''. Chapter 7 bankruptcy and Chapter 13 bankruptcy are legal proceedings that are avaliable to a person to cope with a financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay a minimial fee for court and attorney costs.