Filing bankruptcy doesn't necessarily mean a person can wipe out all his or her pre-bankruptcy debt, but it does allow a person to start over, after a fashion. There are separate chapters of the bankruptcy code for individuals and businesses. The types of bankruptcy are named after the code chapter. Chapter 13 is for individuals who need to reorganize. Chapter 11 is generally reserved for businesses that would need to reorganize. Chapter 7 bankruptcy is used for the complete elimination of debt.

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Before filing bankruptcy, look at all of the options. Bankruptcies can stay on a person's credit report for up to 10 years. Filing bankruptcy should be a last resort to manage debt. Additionally, once someone files bankruptcy, he or she cannot file again for an amount of time set by the different types of bankruptcy codes.

The free Bankruptcy Worksheet is a good place to start for anyone considering the legal issues surrounding personal bankruptcy or business bankruptcy.  Or, you can find a bankruptcy lawyer for legal help with credit, bankruptcy debt, and bankruptcy filing.

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