How Bankruptcy Can Help Protect Homeowner’s Assets

This is a must read if you’re thinking about filing bankruptcy.  The article begins with an overview of the chapters of the Bankruptcy Code.  After this quick orientation it delves into some of the frequently asked questions in bankruptcy.  Can I file bankruptcy again even though I’ve filed in the past?  Do I really need to hire a bankruptcy attorney; can’t I just fill out the forms myself?  The article continues by highlighting some of the major differences between chapter 7 bankruptcy and chapter 13 bankruptcy.  Lastly, the article reviews the meeting of creditors; unsecured vs. secured debts; and protecting your home from foreclosure or car from repossession through bankruptcy.

When it comes to bankruptcy, the primary source of law is the Bankruptcy Code (Title 11 of the United States Code). Title 11 of the United States Code provides a comprehensive overview of all the substantive laws dealing with bankruptcy. Title (11) is broken down into 9 Chapters, 28 subchapters and 1,532 sections.

Chapter 1 deals with “General Provisions,” and is broken down into 12 sections. The first section, “Definitions,” essentially defines keywords to be found throughout the Bankruptcy Code. These words include “attorney,” “claim,” “consumer debt,” corporation,” “debtor,” etc. This particular section is helpful to refer back to frequently when trying to understand the Code. The remainder of this Chapter sets out to establish “General Provisions,” such as the power of the courts, and who may file for bankruptcy.

Chapter 3 is entitled “Case Administration,” and explains how the bankruptcy case is to be administrated. Chapter 3 contains 4…

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