The federal courts have a process known as bankruptcy which is designed to help individuals and businesses clear their debts and manage repayments under the protection of a bankruptcy court. The two kinds of bankruptcy are: reorganization and liquidation.
Liquidation is a bankruptcy process where you make a plea to the court to discharge your debts on your behalf. Some of your properties are liquidated (sold) by the court, and the proceeds are shared among your creditors. Liquidation only lasts four-to-six months, and normally you only need to attend court once.
Liquidation is not an option for everyone. If you have used bankruptcy in the past six-to-eight years, you are not eligible. Also if after consideration of your debts, income, and expenditures it is determined that another form of bankruptcy would be more applicable to your situation, you will not qualify. Disabled veterans, however, who have amassed debts while in the military will normally be permitted to file. Similarly if your debts are a result of your business, you can file for liquidation as well. Outside of these categories, you must meet certain criteria.
One such consideration is that your...
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