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Two legal question we've been asked.

What is bankruptcy?  Bankruptcy is a federal law used be debtors to obtain debt relief and reorganize their federal affairs. bankruptcies are a necessary part of our free enterprise system.

Should I file bankruptcy?  Filing bankruptcy is a serious step, not to be taken lightly. For instance, if debtors owe only a small amount to a few creditors, it might make more sense to consult a credit counseling service. Bankruptcy might be necessary however, under certain situations: For example, do you have large credit balances, and can not meet minimum installment payments? Are you borrowing from one credit card to pay another? Are you swamped by uninsured medical bills or judgments? Is there a pending or threatened foreclosure, garnishment, or repossession? Do you need a "fresh start" to relieve financial stress?

Keep close track of the important stuff.  The appraisals, legal forms and other documents you piled up on a property you purchased years ago don't have much current legal or practical impact. But knowing where the actual closing statement or final settlement statement is important, because it helps establish your basis in the property for when you eventually sell it.

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