Michael Petruccelli says; By
filing in federal bankruptcy court, an individual or individuals can
restructure or relieve themselves of debts and liabilities. Bankruptcies are of
various types, but the most common for an individual seem to be a "Chapter
7 No Asset" bankruptcy which relieves the borrower of most types of debts.
A borrower cannot usually qualify for an "A" paper loan for a period
of two years after the bankruptcy has been discharged and requires the
re-establishment of an ability to repay debt.
