ABA Family Legal Guide

Consumer Bankruptcy

Introduction to Bankruptcy

Bankruptcy is one of several alternatives for financial distress. Some people can improve their situation by negotiating directly with creditors. Others can get help from a local financial counseling program or a consumer credit counseling service with experience in negotiating with creditors and in formulating and establishing repayment plans. For others, bankruptcy may be the only realistic alternative. This section details what bankruptcy is and the alternatives as well as some basic information about the process of filing for bankruptcy.

1. Bankruptcy Defined
2. Alternatives to Bankruptcy
3. The Process of Filing for Bankruptcy
4. Working with a Lawyer