There are three main classes of bankruptcy: Chapter 7, Chapter 11, and Chapter 13.

Chapter 7 bankruptcy will discharge most types of debts for the average citizen.  It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. 

To determine whether or not you are eligible, you must determine how many people make an income in your household and whether or not they each pass the means test—that is, whether or not they make over the median income.

Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts. 

The main advantage of this type of bankruptcy is that it allows the debtor to keep possession of the company.  However, the strict requirements of the bankrupty process must be followed!  Motions regarding such issues as employee payment and cash collateral should be made by the bankrupty courts. 

The debtor has 120 days in which to propose a plan or reorganization to the bankruptcy court.  Because this kind of bankruptcy is so complicated, a bankruptcy attorney should be consulted first.

Chapter 13 bankruptcy is “wage earner’s bankruptcy”, which allows you to repay your debt through a plan. 

This is the best option for people with a steady income, who happen to have fallen behind in loan payments. 

The major advantage of this kind of bankruptcy is that the creditors must agree to a confirmed plan.  This prevents lawsuits designed to order the debtor to pay the balance already owed.   Lawsuits result in frustration for all concerned, as the debtor can mistakenly think that things are going great for the first six months, only to be surprised one day out of the blue. 

Bankruptcy is a complex issue that must be studied in detail to be fully understood.  Attorneys specializing in bankruptcy are clearly the best choice, as they specialize in the specific areas of Chapter 7, Chapter 11, and Chapter 13 bankruptcy.

What is E file bankruptcy? Basically, it means an Electronic file Bankruptcy. You must be wondering whether or not it makes sense. Before you even judge the content of this article let me state a fact that the Internet revolutionizes so many things and it is still branching out its tentacles to new horizons. It is made possible because of the internet.

E file bankruptcy through the internet is much easier than traditional filing for bankruptcy. This is happening every day. People are starting to realize how much it can save them money. There are lots of online sites that offer this kind of service. These websites will guide you through the process from start to finish.

Another advantage of E file bankruptcy is that it can save you time. You can file your bankruptcy anywhere as long as you have an internet connection and a personal computer. This can cost little money but it sure is much cheaper than having to hire a personal bankruptcy lawyer to do it for you.

The benefits of such bankruptcy filing are numerous because of the endless possibility of the internet. It makes things so much faster and convenient for people who do not have to drag themselves outside of their house, drive to certain places just to follow up their papers that is a hassle for everyone.  The only time you will really need to spend some time going out is for your bankruptcy hearing in court.

Filing bankruptcy online has many advantages. You can choose from hundreds of online sites. You can ask them all questions that you have and if you feel you are not satisfied, you can just go to the next site until you find the services that you are looking for.

Another thing that makes E file bankruptcy fast is that filling out forms will not take too much time to get done. If you missed on something, the company that you are doing it with online will generally email you back right away. If you will do it the traditional way, the physical forms might get lost and destroyed and the whole process can take weeks or even months. So how much does it cost? Well, it depends on which online site you go to. Each site charges different fees from its customers. The whole idea of making bankruptcy available online is to make it more convenient, fast and affordable for people who want to file bankruptcy.

Remember, you still need to understand what bankruptcy can do for your situation before even thinking about filing one. Read more about bankruptcy, find people like you that are in similar situations that have filed bankruptcy, and then learn from them. This will help you avoid problems that may arise as you go through the process of filing bankruptcy. Always be alert.  Even if you are just in your home filing bankruptcy online does not mean you have to let your guard down. Also watch out for people online who are just there to rip off consumers.