In spite of your best efforts, you have not been able to come up with the funds to prevent you r home from going into foreclosure. The home which has sheltered your family through good times and bad is soon to be destined for the foreclosure auction block, and with it will go all the equity you have spent so long in building.

The US Congress passed a law that established a set of uniform laws to govern how bankruptcy was handled. These laws were situated under a system called the bankruptcy code. In this code there are chapters that refer to various issues in bankruptcy.

Chapter 7 is the most common type of bankruptcy, and is sometimes referred to as liquidation bankruptcy or straight bankruptcy. Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships.

Chapter 13 Bankruptcy is a legal process that differs from traditional debt consolidation in certain important ways. This article details some of the most significant differences.

Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due.

Chapter 13 is the chapter under the bankruptcy code which allows a person to repay all or a portion of his or her debt under the protection of the bankruptcy court.

The decision to file personal bankruptcy rarely occurs in a vacuum. There are unavoidable situations and circumstances which usually snowball until financial insolvency results. For anyone with a pulse, this situation can be very difficult to handle.