Bankruptcy.

This is not a site for legal advice. However because now Bankruptcy has become a serious consideration for student's who maybe mired in debt. The term itself evolved from a time when trading was done by individuals who traded in various items including currency. In the Merchant of Venice, the antagonist, Shylock is a trader. In that drama the gathering place for traders is The Rialto. Trader's in this setting traditionally sat on benches. When a trader went broke he literally smashed his bench. Breaking the bench became the term "bankruptcy". This term evolved to mean going broke and being unable to pay debts.
The legal process now termed "Bankruptcy" is held in a Federal Jurisdiction. The procedure is called a filing and there are several steps involved. Initially the person who is filing must choose which type of bankruptcy they will be filing. This person is called the petitioner. This person obtains the appropriate forms from their local Federal courthouse. The petitioner fills out the forms and returns them to the court with a fee. This fee is for filing. The paperwork is a list of the petitioner's, now termed "debtors" assets and a list of those individuals and institutions to whom money is owed. These are termed creditor's. The court may then notify all of the petitioner's creditors that this individual is filing a Bankruptcy petition. This process can take several months. Eventually the petitioner/debtor will appear before a judge who will examine this petitioner. This judge may ask the debtor as many questions as he or she feels appropriate about the petitioner. The judge may then choose to allow, deny or stay the petition.

The process of filing can often be difficult for students who chose to do so. It is wise to get some legal assistance during the process. Legal assistance usually costs money but often there are clinics and even individuals with legal experience who will donate some time to examine the paperwork. This is important because it is a legal proceeding and everything depends on the paperwork being in order.

Also, though, there is a sizable emotional component to a personal bankruptcy filing. Although the number of bankruptcy filings have increased recently still it is personally extremely distressing. Often feelings of shame and failure accompany this act and it is wise and useful for a student who has chosen bankruptcy to get some emotional support. Emotional support can be found at the campus health center, local support groups, spiritual organizations and other traditional sources of support. Planet College recommends getting every type of help, assistance and support necessary during this time.