The United States Code has established a procedure that enables debtors to manage debt by seeking relief in the federal court system. The Federal Bankruptcy Act contemplates several different ways to manage this debt and in some cases to pay some or all of your creditors.

In order to hide assets from the bankruptcy court, transfers to other parties are often contemplated. If you understand the legal system mindset that often catches people unfamiliar with the proceedings off-guard, you will understand and avoid pitfalls of trouble.

Chapter 13 Bankruptcy has some limits that are subject to being changed by Congress, so one should always consult with a specialist at the time Bankruptcy may be sought as a remedy before reaching a decision to do so. Contact member services and be paired with a Chapter 13 is available to wage earners, small business owners and professionals, but may not include everyone.

Discharge of your Debts: Chapter 7 is not really a reorganization, but rather a complete discharge of all of the debt you may have at the time, with certain statutory exceptions.

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