In the USA, Federal Bankruptcy Law prevents the government from discriminating against anyone for filing a bankruptcy petition. Section 525(a) of the Bankruptcy Code states that a government unit, "May not deny, revoke, suspend, or refuse to renew a license, permit charter, franchise, or other similar grant to, condition such a grant to, discriminate with respect to such a grant against, deny employment to, terminate the employment of, or discriminate with respect to employment against, a person that is or has been a debtor (in bankruptcy)..."
It is not a crime and is not considered immoral or bad to file for bankruptcy protection. Filing bankruptcy will not affect your immigration status, your green card, or your prospects for becoming a citizen. It is also illegal to discriminate against you in your employment for having filed a bankruptcy petition. Section of 525(b) prohibits discrimination even by private employers.
Section 525(c) prohibits the government or private student loan lenders from discriminating against a bankruptcy debtor based on a bankruptcy case.
In some cases bankruptcy can even be looked upon favorably, because you have rid yourself of burdensome debt. For instance, an adoption agency might be more willing to allow an adoption by parents that have obtained a fresh start on their finances through bankruptcy than a couple that is overburdened by debt.
Chapter 7 bankruptcy is designed to allow you to discharge your debts without paying anything on them. There are certain types of debts that cannot be discharged in most cases, such as student loans, fraudulently incurred debts and some kinds of tax debts. You can lose property in Chapter 7 bankruptcy. The court liquidates non-exempt assets and distributes the funds to creditors. Fortunately, there are exemption laws that allow people to keep certain types and amounts in bankruptcy. Because of exemption laws, most people lose little or nothing in Chapter 7 bankruptcy.
Chapter 13 bankruptcy is designed to allow debtors to consolidate and repay a portion of their debt through the bankruptcy court's trustee and under court protection over a period of three to five years. The debt does not have to be paid in full. The debtor is only required to pay what is reasonably affordable each month. At the end of the payment term, the remaining amount of the debt is discharged and no longer owed. Assets are not seized in Chapter 13. Many people who have higher incomes file Chapter 13 because they are not eligible for Chapter 7.
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