Claiming Bankruptcy For Individuals
There are many different types of bankruptcy that are available to file under in the United States. Most individuals wishing to declare bankruptcy will file under Chapter 7.
In this type of bankruptcy most, but not all of your debts will be wiped out. However, certain things are exempt. Unless you are an extreme case, you will still be responsible for debts such as child support, federal taxes, and a few other things. Claiming bankruptcy gives you a chance to start over financially and to put your life back in order.
But, even though Chapter 7, might be good for a large number of individuals filing for bankruptcy, only a lawyer ( and possibly your accountant) can tell you whether it is the best choice for you and your circumstances.
