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Fresh Start

Filing for bankruptcy is a way for an individual, a married couple, or a business entity to gain a fresh start and gain control over their finances. There are many different options when it comes to filing for bankruptcy, and a debtor should be aware of their options in order to make an informed decision on how they wish to go about filing for bankruptcy. Chapter 7 bankruptcy is the preferred way to file, and remains the most common type of bankruptcy filing. In a chapter 7 bankruptcy filing, a debtor's assets are liquidated and the proceeds go towards repayment of their debts. Many items remain exempt in a liquidation bankruptcy filing, allowing debtors to hold onto essential items such as clothing, furniture, or a vehicle in order to have the necessary tools to make their fresh start.

Fast Facts

  • 34,222 businesses filed for bankruptcy in 2005.
  • Total bankruptcy filings for March 2009 were 131,000.

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