Bankruptcy Law In Your State |
Bankruptcy is designed to help people and businesses who can't pay their debts get a fresh start. For example, in a Chapter 7 bankruptcy, many of your debts are wiped out - you never have to pay them back. In Chapter 13, you agree to repay most of your debts over a period of time.
For the most part, all bankruptcies are controlled by federal law, or the US Bankruptcy Code. It spells out in detail how the whole process works.
State laws come into play also, though. Each state has its own bankruptcy laws that go hand-in-hand with the federal laws. These state laws cover many things in any bankruptcy, but perhaps the most important is the exemptions you can claim - what and how much of your property you can protect from creditors who are looking for payment.
If you're thinking of filing bankruptcy, it's important to know how the laws in your state impact your bankruptcy case.
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