 Category :: Bankruptcy Articles |
Author :: Eddie Tobey  |
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| Article Title :: Bankruptcy FAQs |
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| As far back as colonial times, every citizen has a constitutional right to file for bankruptcy. By declaring bankruptcy, one is relieved of mandatory collection activities for debts existing at the time of filing by a legal "stay" on these activities. The first version of US bankruptcy or Federal Insolvency laws appeared in 1800, and has been evolving ever since.Chapter 7 or "straight liquidation" bankruptcy permits the retention of exempt assets and property and can be used by individuals, partnership businesses and corporations. Under Chapter 7, recent tax obligations, debts to government units and alimony/child support are not exempt. In case of debts incurred during a marriage, (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Bankruptcy Laws |
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| U.S. bankruptcy laws fall under federal statutory law provided by Title 11 of the United States Code. They have been periodically revised and amended to provide full and fair cover for genuine cases and to eliminate the potential for their unlawful abuse. Since this is federal jurisdiction, individual states cannot pass legislation governing and regulating bankruptcy. US bankruptcy laws have been standardized so as to have universal application. However, state governments can lay out parameters for the definition of personal insolvency and indebtedness.The Supreme Court formulated US bankruptcy laws in consultation with Congress, and all supervision and administration of bankruptcy (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Filing Bankruptcy in Federal Courts |
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| One cannot file for bankruptcy through US state courts, since exclusive jurisdiction is vested with Federal courts. The court charges a certain fee at the time of filing, depending on which category of bankruptcy is being filed for. Specifically, a court fee for filing for Chapter 7 bankruptcy is $274, $1,039 for Chapter 11, $239 for Chapter 12 and $139 for Chapter 13. The charges vary for single individuals and married couples and can be paid in installments over a period of 120 days.The Federal Rules of Bankruptcy Procedure has a formal procedure for filing, which is further specific to the bankruptcy laws of each judicial district. The US has 90 formal districts in which bankrup (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Life After Bankruptcy |
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| Nobody files for bankruptcy with a completely fatalistic outlook on what lies ahead. Since the provisions available under bankruptcy basically afford a fresh start, maintaining a positive attitude will go a long way in ""coming out from under and rising above. The idea is to make the best of a bad situation.Most banks now offer secured credit cards to people who have filed for bankruptcy. However, it is a safe bet that the mismanagement skills that led to the original disaster have not been exorcised, and there are chances of further misuse.In order to come to terms with the realities of life after bankruptcy, it is essential that one undergoes professional financial counsel (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Personal Bankruptcy |
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| As mentioned earlier, personal bankruptcy can be filed for under Chapter 7(for almost complete elimination of debts) and the more conditional and restrictive Chapter 13 of the federal bankruptcy code. Basically, the provisions under personal bankruptcy allow a genuinely insolvent individual to wipe the slate clean and make a fresh beginning. If the case is bona fide and the proper procedure is followed, the debtor is guaranteed freedom from financial and mental harassment and by creditors.People file for personal bankruptcy for various reasons. The most common ones are debt incurred by credit card misuse, divorce proceedings and eventual alimony/child support expenses, sudden illne (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Types of Bankruptcy |
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| In the US, a party can file for either Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 or ‘straight’ bankruptcy, the applicant surrenders all non-exempt property and assets to an appointed bankruptcy official. These are converted into cash and the proceeds are disbursed to the applicant’s creditors.This process of liquidation then results in the applicant being freed of all financial obligations within a short period usually not exceeding four months. Obviously, this provision has seen a lot of abuse in the past. The new laws now state that an individual cannot re-apply for Chapter 7 bankruptcy unless he/she has been given discharge from a previous filing for it for at least (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Bankruptcy Law Firms |
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| Filing for bankruptcy can be an excruciating moment. Individuals or firms have the option of filing for bankruptcy as a last option when their debts are out of control. Bankruptcy is filed when the debt is extremely high and the creditors are practically camping at the door. Expenses due to medical, legal, or credit card expenses usually make a person lean towards the option of bankruptcy.Even though bankruptcy provides the individual with a credit free life later, it affects the credit rating for about 10 years, so filing for bankruptcy is not really a very easy option. Also, some cases, such as those dealing with mortgage and alimony, may not even be considered in the court as pr (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Business Bankruptcy Laws |
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| Businesses, companies, and firms can file for bankruptcy if they are on the verge of failing all their creditors and losing their position in the market. The laws that deal with such cases are federal bankruptcy laws or Chapter 11 and Chapter 13 laws.One advantage of filing under federal bankruptcy law instead of under Chapter 7 is that this does not require the liquidating of the company. Instead, the company will be run along with the debt being paid as decided, which will give the firm or company a chance to try to make profits again. However, all the decisions made by the management after the case is files must be approved by the federal court.In case the company files (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Chapter 13 Bankruptcy Laws |
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| Chapter 13 is a bankruptcy law under which a petition can be filed by an individual or company. Chapter 13 dictates that the debtors repay the debt amount from their monthly earnings in installments. The court decides the time within which the decided amount has to be repaid to the creditors. Most of these will be for a maximum period of five years.Employees and firms who have a steady income, in spite of all the debts incurred, can file a bankruptcy under this law. Since this law does not require any assets to be secured as liens, most people prefer this to the Chapter 7 law. This allows the debtor to keep a mortgaged home or car even while he’s paying his creditors from the mon (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Eddie Tobey |
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| Article Title :: Chapter 7 Bankruptcy Laws |
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| Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it. The law is for individuals wishing to file for bankruptcy. This law allows a trustee to keep some property belonging to the debtor as a security for the payment. Also, the creditors can no longer take necessary action to collect the debt from this individual unless it is relation with the necessary lien. Most popular instances where the debtor files for a Chapter 7 case are medical expenses and credit card debts.As soon as the debtor files a bankruptcy case, an injunction is passed, after being assigned a case number, to stop the cr (read full article) |
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