Bankruptcy Rules
If you are thinking about filing for Chapter 7 or Chapter 13 bankruptcy, you should familiarize yourself with some of the basic rules of bankruptcy. Federal bankruptcy statutes, rules, and cases, along with certain state statutes determine (among other things):
- who is eligible to file for Chapter 7 and Chapter 13 bankruptcy
- which of your debts will be discharged (wiped out) in bankruptcy
- the procedures in a typical bankruptcy case, and
- what property you can protect in a Chapter 7 bankruptcy through "exemptions."
Below you'll find articles that describe the basics of bankruptcy -- start here to learn about the process and what is likely to happen to your debts and property. For more detailed information about bankruptcy, check out all of the articles in Nolo's Bankruptcy section.
Learn about Chapter 7 bankruptcy requirements, such as meeting income qualifications and other issues that could disqualify you from filing Chapter 7.
If you file for bankruptcy too soon after receiving a previous bankruptcy discharge, you won’t receive another one. Learn how often you can file for bankruptcy and eliminate qualifying debts.
Although Chapter 13 bankruptcy can be a good option, not everyone meets Chapter 13 requirements. Find out what qualifies you for Chapter 13 and why Chapter 13 eligibility depends on up-to-date tax filings, debt amounts, and the ability to afford plan payments.
When filing for Chapter 7 bankruptcy, your case should move forward predictably. Here's a summary of what's involved in a typical Chapter 7 bankruptcy.
Learn how long it takes to file Chapter 13 bankruptcy, complete the steps outlined, and receive a Chapter 13 discharge.
Bankruptcy is a potent tool for debtors, but it doesn't resolve all issues. Understand what occurs when you file for bankruptcy and how it can assist you in improving your financial situation.
No one loses everything they own in bankruptcy, but you might be unable to keep all assets. You'll turn to bankruptcy exemptions to learn whether you will keep or lose property in Chapter 7 or whether you must pay to keep property in Chapter 13.
If you commit a bankruptcy crime, you can suffer consequences that will last for the rest of your life. But because “the punishment must fit the crime,” some bankruptcy fraud penalties are more severe than others. Learn about the risks of bankruptcy fraud.
The bankruptcy fraud statute of limitations period limits the time a prosecutor can file bankruptcy fraud charges. Learn how to calculate the statute of limitations period for bankruptcy fraud crimes, such as concealing assets, transferring assets to keep them from creditors, concealing or destroying records, falsifying bankruptcy forms, perjury (making false statements under oath), using a fake identity or filing in multiple jurisdictions, bribery of a court official, and embezzlement from the bankruptcy estate.
Learn how to report bankruptcy fraud in Chapter 7 and defenses commonly raised in bankruptcy fraud cases. You'll learn that proving fraud often requires the prosecutor to dig deeper than the debtor's schedules and testimony.
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