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 BANKRUPTCY LAW   Education,Law,Writing Bankruptcy helps people who cannot meet financial obligations to be excused from paying some of the debt. Bankruptcy has been in existence since ancient times. Rules and rules for filing bankruptcy in the United States are governed by the Federal government. States are normally prohibited from registering bankruptcy. There are two types of bankruptcy namely liquidation and  reorganization bankruptcy. In liquidation bankruptcy, one is required to surrender all the properties which are sold and later the proceeds are distributed to the creditors where in return the credit is permanently discharged. In reorganization bankruptcy debtors are allowed to keep their property but they must agree to repay the creditors in the installment plan. When filling the bankruptcy, you are required to give the petition and fee to the bankruptcy court. The fee to be paid is close to $300. The petition entails the sworn  statements by the debtors an...