© 2018 by the Law Offices of Chris Vonderau, PLLC

Bankruptcy Basics

Bankruptcy is established by federal law and uses state law to fill in some of the details.

There are two main Chapters of Bankruptcy used by individuals and small businesses to restructure or eliminate debt:  Chapter 7 and Chapter 13.

Most people who file for bankruptcy keep most if not all of their assets and discharge their debt.