In hard financial times, business bankruptcy fears loom for many and it's difficult knowing which bankruptcy websites to trust when trying to research information. So-called credit repair advisor services are a growing phenomenon. You can see ads for these services on the internet, the newspapers and on television. While many of the credit repair services offer "easy and painless solutions", they often come at a high price. Much of their bankruptcy law reference information and advice can be freely obtained online from a variety of reliable bankruptcy law reference resources.

While it's easy for an entrepreneur to envision total business disaster, the bankruptcy remedies available may only mean reconstruction of your business, as opposed to total devastation. There may be financial steps to take that will enable you to avoid bankruptcy court altogether.

Arming yourself with knowledge taken from prime bankruptcy law information resources will allow you to ask attorneys and other financial advisors the right questions, and help cut fees by short-cutting the process.

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was passed in 2005. It states that before declaring bankruptcy, it is required that you get credit counseling from a government approved organization within six months of filing.

Questions to ask a credit counselor include:

1. Do you offer free debt management educational materials?
2. Does your service require set-up or monthly fees?
3. Will your service still offer me help if I can no longer afford to pay?
4. Do you have a license to offer bankruptcy law information services in my state?
5. What are your credit counselors' credentials?

Action Steps
The best contacts and resources to help you get it done

Find online federal government sponsored bankruptcy law resources

Because bankruptcy laws are always subject to change, up to date bankruptcy law research will be found on government sponsored websites.

I recommend: Under the auspices of the US Department of Justice and BAPCPA, the US Trustee Program is a primary online source for credit counseling and debtor education information. The IRS also offers extensive bankruptcy law information, in particular its Publication 908 Bankruptcy Tax Guide. USCourts.gov, the federal court system website, includes an information section on United States Bankruptcy Courts and the bankruptcy process, along with bankruptcy forms and a bankruptcy forms manual. The US Government Printing Office website presents the Federal rules of bankruptcy procedure in their entirety.

Find online bankruptcy law resources from non-government websites

These sources of bankruptcy legal reference materials may include accredited university law schools, bankruptcy attorney associations and nonprofit educational organizations.

I recommend: Cornell University Law School, a hub for US bankruptcy law research resources, includes state-by-state bankruptcy statutes and federal judicial decisions. National Association of Consumer Bankruptcy Attorneys (NACBA) has a bankruptcy attorney finder searchable database. The American Bankruptcy Institute provides news, opinions and information for "insolvency professionals", including information on the BAPCA.

Find fee-based bankruptcy law information services

Some of these bankruptcy law legal reference services also offer lower cost self-help options.

I recommend: LegalZoom offers its Bankruptcy Education Center, a free bankruptcy information resource, along with its low-cost, do-it-yourself legal document services. One of the pioneering in low-cost, do-it-yourself legal document services, Nolo.com is another key online bankruptcy law information resource. BetterBankruptcy.com, a bankruptcy attorney service, offers a valuable glossary of legal terms pertaining to bankruptcy law.

Find out about Chapter 7 bankruptcy law information resources

Chapter 7, Title 11, of the US Bankruptcy Code is a legal process where a debtor business ceases operations and liquidates its assets to repay all or part of its debts.

I recommend: USCourts.gov, the federal court system website, includes an information section on Chapter 7 bankruptcy law. Nolo.com answers the question "Who can file for Chapter 7 bankruptcy?" American Bar Association website includes a Division for Public Education with its section on Chapter 7 or "straight" bankruptcy.

Find out about Chapter 11 bankruptcy law information resources

According to bankruptcy law sources of information, Chapter 11, Title 11, of the US Bankruptcy Code is a legal process where a debtor business continues operations while a bankruptcy court helps reorganize its financial and contractual obligations.

I recommend: USCourts.gov also includes a prime information section on Chapter 11 bankruptcy law. The US Security and Exchange Commission's website provides an information resource for Corporate Bankruptcy, that's primary focus is on Chapter 11 bankruptcy.

Find out about Chapter 13 bankruptcy law information resources

According to bankruptcy law sources of information, Chapter 13, Title 11, of the US Bankruptcy Code is a legal process where a debtor business continues operations as a bankruptcy court creates a written repayment plan over a specific time period where creditors cannot force the business into involuntary bankruptcy.

I recommend: Nolo.com has a free step-by-step overview of the Chapter 13 bankruptcy process as a valuable teaser to its Credit Repair software bundle. The Division for Public Education of The American Bar Association also offers its informative section on Chapter 13 bankruptcy.

Find resources for bankruptcy law about less common Chapters 12 and 15

According to bankruptcy law sources of information, Chapter 12, Title 11, of the US Bankruptcy Code is a legal process serving the debts of family farming and fishing businesses. Chapter 15, Title 11, of the US Bankruptcy Code is a legal process applying to multi-jurisdiction business debtors and creditors.

I recommend: The United States Bankruptcy Court District of Colorado, one of the major agriculture producing states, has extensive information on Chapter 12 or Family Farm Bankruptcy. The US Department of Agriculture answers the question "Do farmers need a separate chapter in the bankruptcy code?" Because Chapter 15 is a new part of the bankruptcy code, dealing with multiple jurisdictions in the global economy, seek prime information on Chapter 15 bankruptcy law at USCourts.gov.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Note that with new political administrations, bankruptcy rules and regulations are subject to change, so check bankruptcy law legal resources closely when this occurs.
• •  If you're a bankruptcy attorney or a business owner facing financial challenges, keep up to date with legal information.