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A general guide to bankruptcy law

Bankruptcy law is considered to be an essential practicing area in the legal field. Therefore, the US law firms are expanding their bankruptcy and restructuring practices. Filing bankruptcy is common in the US as the economy is undergoing depression. Millions of people in America are filing bankruptcy when they are unable to grapple with their financial issues. People file under personal bankruptcy that incorporates chapter 7 and chapter 13. If you are undergoing financial distress then filing for bankruptcy will help you give a fresh start. Before you file bankruptcy ensure that you have complete information on bankruptcy law.

What are the types of bankruptcy law?

The Bankruptcy Act of 1994 signed by former US President Mr. Bill Clinton, helped to implement the law. This law contains comprehensive provisions for business as well as personal bankruptcies. It provides easy solution to both consumers and businesses with faster hearings. It encourages them to file under chapter 13 bankruptcy as it can restructure the debt and help them start a fresh with ease. They can avoid severely affecting their credit report by filing under chapter 13 bankruptcy. The National Bankruptcy Commission is set up to monitor as well as probe into bankruptcy laws and practices, enabling a fair opportunity to litigate.

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