Bankruptcy USA
Bankruptcy Management Programs
Bankruptcy Code
The "Bankruptcy Code" is the informal name for title 11 of the United States Code (11 U.S.C. §§ 101-1330), the federal bankruptcy law.
Chapter definitions
Chapter 7, 11, 12 and 13.
Filing for Bankruptcy
There are 94 federal judicial districts that handle bankruptcy proceedings. You may file your bankruptcy petition at a United States Bankruptcy Court in, or closest to the county in which you reside.
Bankruptcy Exemptions
All property of the debtor at the time of the filing for bankruptcy becomes the property of the bankruptcy estate once bankruptcy is filed. However, there is certain property which is either excluded or exempt which the debtor will be able to keep.
Bankruptcy Courts
The addresses listed here are only for the locations of the staffed clerk's offices, which you can file/submit to. Once you've filed, your bankruptcy hearing may be at a location nearer to you.
Credit Counseling
On April 20, 2005, President Bush signed into law 25 changes to the bankruptcy code. One of the changes requires that any debtor contemplating bankruptcy must first attend credit counseling with a service approved by the United States Trustee Program.
Bankruptcy Forms
Should you be determined to 'go it alone' you may file a bankruptcy petition without being represented by an attorney.
Filing Fees
The fees for filing a new bankruptcy case vary by the chapter of the bankruptcy code under which it is filed.
The Bankruptcy Process
Bankruptcy proceedings follow very specific steps, and faltering in those steps can derail your attempt to get relief permanently.
Automatic Stay
The moment you file your bankruptcy petition at the Clerk's Office, the law imposes an automatic stay that takes effect immediately. Creditors must be advised that the automatic stay is in effect.
Notice to Creditors
Approximately two weeks after you file your petition, the clerk's office will send a notice that you have filed for bankruptcy protection to all the creditors you have listed on your mailing matrix.
Meeting of Creditors
Approximately two weeks after you have filed your bankruptcy petition, you will receive a notice from the Clerk's Office with the date and time of the first meeting of creditors.
Repayment Plan
In a chapter 13 case, the debtor must submit a repayment plan. Creditors have an opportunity to object to the plan.
Debtors Conference
In a chapter 11 case, the United States Trustee holds a debtor's conference before the creditors' meeting.
Reaffirmation Agreement
A reaffirmation agreement is an agreement by which a debtor becomes legally obligated to pay all or a portion of an otherwise dischargeable debt.
Redeem Collateral
Some creditors may have liens on certain property. The lien holder has a special right to sell that property on which it has a lien, known as "collateral," and use the proceeds to satisfy its claim.
Amendments
If you want to amend your bankruptcy petition to include any creditors that you may have overlooked when filing your original schedules, you must file an amendment.
Discharge
If the deadline for objecting to discharge passes without any objections to the debtor's discharge being filed and the debtor is an individual (as opposed to a corporation, partnership, or business trust), the court will issue the discharge order.
Denial of Discharge
A denial of a discharge affects the debtor's entire discharge -- and therefore all dischargeable debts--while a determination of non-dischargeability affects only a particular debt.
Dismissal Order
A dismissal order ends the case before you are discharged. When the Court dismisses the case, the "automatic stay" ends, and therefore creditors may start to collect debts again.
Change of Address
If your mailing address changes after you file your bankruptcy petition, you must notify the Clerk's Office in writing. You must also notify your trustee. Failure to do so may result in legal action being taken against you without notice to you.
Communications with the Court
If you are having a problem with any of your creditors after the filing of your bankruptcy, you must file a written motion specifying the relief you seek. The matter will then be set for hearing before the Judge.
Life after Bankruptcy
There are situations where a creditor keeps trying to collect money after you have filed for bankruptcy. The best thing to do will depend on the specific facts of your case.
Establishing Credit after Bankruptcy
Although bankruptcy can remain on your credit report for up to 10 years, its effect can begin to dissipate the day of your bankruptcy discharge.
Bankruptcy Facts and Stats
The first week of October 2005 showed over 100,000 filings, up from approximately 68,000 the week prior. This was the fourth straight record week when more than 3 times the normal number of bankruptcies were filed.
Famous Bankruptcies
It becomes clearly evident when reading this list that although bankruptcy feels like the end of the world, it isn't. Most of these famous bankrupts rose to phenomenal success after their bankruptcy.
Credit Counseling Services
A "Credit Counseling Service" is an organization that exists and functions to serve debtors and their creditors by attempting to resolve debts through individual debt repayment plans.
Approved Credit Counseling
The United States Trustees Program has the responsibility for approving credit counseling services. Approved services will be included on a list provided to debtors and maintained by the bankruptcy clerk for each judicial district.
Glossary
A list of terms we found confusing or misleading, and their definitions.
Resource Articles
Further reading for the inquiring mind. Links to pages from authorities in the industry.
