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Posted by Beth (MONEY FORUMS: 5, Answers: 2)
Asked on September 15, 2015 9:27 am
Hi Beth, bankruptcy is allowed for individuals in the US. There are basically two types. A Chapter 7 bankruptcy allows for discharge of some debts for individuals unable to pay their bills. Chapter 13 bankruptcy allows for repayment of debt across a period of time. What debt can be discharged varies from state to state but some debt, such as school loans, does not go away. Bankruptcy law is complex and individuals considering bankruptcy should consult an attorney who specializes in bankruptcies.