What is more, it is also important for you to note that in case the court discharges you from community debts, your spouse will become liable to pay off the entire balance on those debts. A file for bankruptcy shows up on individual and company credit rating. For example, if you file for chapter 13 bankrupcy, all your debts are to be paid off in a structured payment period of between 3-5 years. These bankruptcy lists can also be sorted based on status, address, name and even filing type. Usually once you have claimed bankruptcy, your wages are garnished and the courts will make payments to your creditors. Bankruptcy seems to be the only choice at this point whether for your business or for you personally. After having to claim bankruptcy, you may feel as though you will never regain a positive credit rating. If you stick with the repayment plan, those creditors may issue you credit in the future. Even a right to equitable relief for breach of a "performance" may be a claim, if a right to payment is an alternative remedy for the breach of performance giving rise to the right to equitable relief. Therefore, it is important for you to be aware of certain kinds of debts that may or may not be discharged. But for the bankruptcy filing, these assets would have belonged to the debtor. Chapter 13 bankruptcy has similarities with debt consolidation in that it can make payments to a bankruptcy representative who then pays off their clients creditors. "Property of the estate" describes the assets that, in any particular bankruptcy proceeding, are to be used to satisfy pre-filing or pre-confirmation debts and the costs of the bankruptcy proceeding. These types of services consolidate your debts in to a small, structured payment plan. Insolvency under this chapter is usually considered as freedom from all kinds of debts. These services somewhat mimic the same concepts that bankruptcy to get you out of debt. It is important to realize that some debts cannot be forgiven through bankruptcy. However, in such cases, you are recommended to discuss the matter with your family law attorney. Bankruptcy is a process that can help people or businesses repay their debts under the protection of bankruptcy court or wipe out their debts completely. Ensure that bankruptcy is filed before the foreclosure noticed has been issued, to avoid foreclosure on the home. However, in some cases, you may be liable to pay the same even after you have been declared as belly-up under chapter 7 bankruptcy. You can also look for more extra information at bankruptcy furniture. It needs to be made clear that this provision is not available for corporations. If you are divorced and are filing for bankruptcy claim, you might be thinking whether you will be able to wipe out your obligation of paying community debts. As soon as you file either type of bankruptcy, your creditors are no longer allowed to take action to collect debt from you without court approval.