Personal bankruptcy is a way of receiving protection from your creditors. Bankruptcy protection in the United States has been available since the adoption of the U.S. Constitution, and has been used as a means for people to obtain relief from burdensome debts. The U.S. bankruptcy laws are formulated to give the debtor a "fresh" start. Bankruptcy is intended to level the playing field between people who owe money and the people they to whom they owe money. Bankruptcy is a necessary safety valve in our economy. The relief provided by the bankruptcy laws gives people who are over their heads financially an opportunity for fresh start. There are two main types of bankruptcy: Chapter 7 and Chapter 13.
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