The stated goal of federal bankruptcy law is to provide the honest debtor with a fresh start. To help you determine if you need a fresh start, a bankruptcy case is commenced by the filing of a petition. You must also file a statement of your assets and liabilities and schedules listing your creditors.
The property a debtor can keep through the bankruptcy is determined by the specific exemptions available under state law. Before deciding the appropriate course of action one may wish to explore alternatives to bankruptcy and review our FAQ to gain a better understanding of the bankruptcy process.
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There are different types of bankruptcy.