Bankruptcy of citizens in the United States is regulated at the federal level. Special Bankruptcy Courts are responsible for this process. In addition, the Ministry of Justice has a special body dealing with the administrative management of bankruptcy cases – the Executive Bureau of Federal Governors of the United States.
Bankruptcy is a serious and complex process that requires good preparation and professional support by specialists in the field of law and accounting. It is necessary to comply with a number of formalities in order to file for bankruptcy, as well as provide the court with full information about their debts, property and income.
The most common types of bankruptcy of individuals in the United States are Chapter 7 and Chapter 13
Bankruptcy of citizens in the United States is divided into several types, depending on how much property the applicant has and what debts he currently has. Each type of bankruptcy has its own requirements and procedures.
Chapter 7
Chapter 7 is a procedure for the liquidation of the applicant's property to repay debts. If the procedure is successful, the applicant is released from most or all of his debts.
Chapter 13
Chapter 13, in turn, allows the applicant to keep his property and develop a payment schedule for repayment of debts for several years. Bankruptcy under this chapter is available only to debtors with a regular annual income.
Postponing is dangerous!
Any questions left?
We'll help you
We'll help you
Fill out the form and we will contact you. Free consultation
i
Handling for help to professionals in the field of bankruptcy of individuals in the United States will help to avoid mistakes and problems in the process. If you have any questions about the bankruptcy procedure, we recommend contacting legal consultants who will be able to answer them in detail, as well as provide full support during the procedure.