While many people looking to pinch every penny they can in a rough economy, some may turn to the debt-management option of last resort: bankruptcy.
Declaring personal bankruptcy, either through Chapter 13 (reorganization) or Chapter 7 (liquidation), is a serious matter that can affect a person's credit standing for many years after.
Individuals should consider bankruptcy very carefully before starting the process. To that end, it would be well worth a visit to one of several good websites with information about Chapter 13 and Chapter 7 bankruptcy.
Here are a few:
-- American Bar Association: Discusses bankruptcy advantages, disadvantages and alternatives.
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-- Bankruptcy Law: Serves up an in-depth look at bankruptcy, including reasons for filing, 10 things a person should know about it, and the process.
-- FindLaw: Features bankruptcy basics and a special focus on Chapter 13 and Chapter 7.
-- Internal Revenue Service: Manuals that lay out the legal guidelines and procedures for filing for Chapter 7 and Chapter 13 bankruptcy.
-- U.S. Courts: Provides overview to all forms of bankruptcy.
