Sometimes, despite our best intentions to pay back our debts, our individual circumstances make it an impossible task. Bankruptcy can occur in two different ways – the most common is when an individual or business voluntarily files for bankruptcy. The other potential route to going bankrupt is when your creditors ask the court to order you bankrupt after excessive nonpayment. [ READ MORE ] Before doing any research, you may believe that bankruptcy is simply the process people go through to get out of paying their financial obligations. Bankruptcy is actually very complicated, and neither option (Chapter 7 or Chapter 11) will allow an individual to get out of paying all of your debt! [ READ MORE ] The number of people filing bankruptcy in the United States continues to increase with every passing year. Regardless of the individual circumstances that led you down that path – you should do everything in your power to avoid bankruptcy. Some people think filing bankruptcy results in “starting over” with a clean slate. The truth is, bankruptcy is very rarely as easy as it sounds and the ramifications of filing bankruptcy stay with you for a very long time. [ READ MORE ] Collectors only have a limited amount of time to collect on a debt.  That amount of time varies by state, and knowing your rights can greatly improve your negotiations with debt collectors.  Learn what the statutes of limitation are in your state. [ READ MORE ] MORE FILING BANKRUPTCY- CHAPTER 7 AND CHAPTER 13 ARTICLES