Bankruptcy Newsletter The "Clean Slate" of Chapter 7 Bankruptcy   What is Chapter 7 bankruptcy? More...   Creditor Attempts to Collect Discharged Debt   A debt no longer exists after it is discharged in bankruptcy. The court enters an order prohibiting the debtor's creditors from later attempting to collect any discharged debt from the debtor. More...   How Often Can a Debtor File for Bankruptcy?   Some individuals, companies, or businesses consider filing for bankruptcy, usually as a last resort, when they are unable to pay their debts. About 1.5 million Americans filed for bankruptcy in 2002. That same year, nearly 40,000 businesses in the United States sought the protection of the bankruptcy laws in 2002. More...   Employment of Professionals   The Bankruptcy Code governs a trustee's or debtor in possession's employment of attorneys, accountants, appraisers, auctioneers, and other professional persons to represent or assist in carrying out duties under the Bankruptcy Code. Generally, the trustee or debtor in possession had broad latitude in the selection of professional persons to be employed. The Bankruptcy Code authorizes the employment of professional persons only to the extent that such persons do not hold or represent an interest adverse to the estate.More...   The Bankruptcy Estate   The filing of a bankruptcy petition for an individual debtor under Chapter 7 or Chapter 11 of the bankruptcy code creates a separate taxable bankruptcy estate. The bankruptcy estate consists of all of the debtor's legal or equitable interests in property as of the filing date.More...