Personal b ankruptcy laws were designed by Congress to help people who are having trouble paying their debts on time.
Bankruptcy stops the sleepless nights trying to decide how to make ends meet.
No one plans to get into debt so that they can file bankruptcy. Bankruptcy is simply a safety valve, so that people who cannot pay their debts on time without undue hardship can get a fresh start and begin to rebuild their lives. This year over 1 million people will file personal bankruptcy, shed their debt and start fresh . The bankruptcy code is divided into sections called chapters. The most common chapters are Chapter 7 and Chapter 13.