Over the past 10 years the concept of bankruptcy has evolved from stigmatic mark of personal failure to a socially-acceptable way to restructure and reduce your debts a financial “fresh start.” Although it is not necessary to seek legal help before filing for personal bankruptcy, it is certainly recommended that you do so, because bankruptcy is highly complex field that involves a jurisdictional intermix of various state and federal laws regarding taxes, real estate, civil procedure, and others. Additionally, there are very specific procedural guidelines that must be followed to ensure that your case will not get dismissed. The vast majority of personal bankruptcies proceed under either Chapter 7 or Chapter 13 of Title 11 of the United States Bankruptcy Code. Although personal bankruptcies may also be filed under Chapter 11 and Chapter 12 of the Bankruptcy Code, they are utilized seldom and only in very specific circumstances.
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By Demetri A. Braynin, Esquire