About Debts and Bankruptcy

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The continued sluggish economy has been taking its toll on many people. The number of bankruptcies is on the rise. The American Bankruptcy Institute has reported that this year, the number of new personal bankruptcies is approaching 1.6 million, the number just before Congress introduced the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005.

Both individuals and businesses can file for bankruptcy, which is a right of every citizen under the law. Most people file for bankruptcy because of their heavy debt load, and to prevent creditors from taking possession of their assets. As far as bankruptcy is concerned, there are essentially three types of debt – unsecured non-priority debts, unsecured priority debts and secured debts.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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