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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, you can
use our Credit Card Debt Calculator to
determine how long it will take to pay off your credit cards
if you do nothing.
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. Bankruptcy Information allows you to search for state
exemptions. In addition, residents of certain
states are allowed
to choose federal exemptions instead
of state exemptions.
Before deciding the appropriate course of action one may
wish to explore alternatives
to bankruptcy and review our
list of frequently asked questions to
gain a bettor understanding of the bankruptcy process.
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