Bankruptcy Basics provides basic information
to debtors, creditors, court personnel, the media, and the general public on
different aspects of the federal bankruptcy laws. It also provides individuals
who may be considering bankruptcy with a basic explanation of the different
chapters under which a bankruptcy case may be filed and to answer some of the
most commonly asked questions about the bankruptcy process.
On April 20, 2005, President Bush signed into
law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
("BAPCPA"). BAPCPA made substantial changes to the Bankruptcy Code.
And the Bankruptcy Judges Division has made significant revisions to this
online version of Bankruptcy Basics to account for BAPCPA's changes to the
Code.
Most BAPCPA changes apply only to cases filed
on or after October 17, 2005. Because the Bankruptcy Judges Division
anticipates that there will continue to be a demand for the version of
Bankruptcy Basics that describes the pre-BAPCPA bankruptcy process (for cases
filed prior to October 17), this page contains links to PDF (print friendly) copies
of both the pre-BAPCPA version as well as the current online version of
Bankruptcy Basics.
Bankruptcy
Basics - For Cases Filed on or after October 17, 2005 (pdf)
Bankruptcy
Basics - For Cases Filed before October 17, 2005 (pdf)
Finally, Bankruptcy Basics should not
substitute for the advice of competent legal counsel or a financial expert.
Neither the Bankruptcy Judges Division nor the Administrative Office of the
United States Courts can provide legal or financial advice. Such advice may be
obtained from a competent attorney, accountant, or financial adviser.
Public Information Series
Bankruptcy Judges Division
Administrative Office of the United States Courts
October 2005
Third Edition
While the information presented is
accurate as of the date of publication, it should not be cited or relied upon
as legal authority. It should not be used as a substitute for reference to the
United States Bankruptcy Code (title 11, United States Code) and the Federal
Rules of Bankruptcy Procedure, both of which may be reviewed at local law
libraries, or to local rules of practice adopted by each bankruptcy court.
Finally, this publication should not substitute for the advice of competent
legal counsel.