Bankruptcy Information - Common Courtroom Terms

Here is a list of terms to know to better understand the bankruptcy process, along with soem terms commonly used in the courtroom.

The New Bankruptcy Law: What You Need To Know

The new bankruptcy law went into effect on October 17, 2005. The tremendous number of people waiting to wipe out their debts before the deadline was astounding. It highlighted the fact that the debt situation in the U.S. is out of control. Here is what you need to know about the new law.

New Bankruptcy Law - A Summary of Changes You Should Know About

The new bankruptcy law, which took effect on October 17, 2005 might prove to be a stumbling block for many Americans hoping to file Chapter 7 bankruptcy as a means to erase their debts.

Buying a Home after Bankruptcy - How to Buy a Home with a Low Credit Score

While a low credit score makes acquiring credit a challenge, it does not mean you cannot get a home.

Bankruptcy Or Debt Settlement

Bankruptcy or debt settlements often seem like the only options when financial pressures begin to build. The problem with choosing bankruptcy or debt settlements is that the decision has consequences that will effect the next seven to ten years of your life.

Filing Corporate Bankruptcy

There are many questions raised when a company files for corporate bankruptcy. As an investor, people would like to what happens to the company, who would look into the interests of investors, and above all, if the old securities have any value left, or is the stock is turned into paste paper until the company is reorganized.

Bankruptcy Attorneys

U.S. bankruptcy attorneys were a pretty rushed lot in the final period before October 17 – that’s when the laws governing bankruptcy ceased being a catchall shelter. There was a quiet stampede of almost 1.25 million applicants who wanted to take advantage of the more amenable aspects that existed till then.

Bankruptcy Laws

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.

Business Bankruptcy Laws

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.

Chapter 7 Bankruptcy Laws

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.

Federal Bankruptcy Laws

Federal bankruptcy laws are only for companies and firms that wish to file for bankruptcy, individuals cannot go for these options. Chapter 11 and Chapter 7 are the two main categories of federal bankruptcy laws that businesses can choose from.

Understanding Types of Bankruptcy

People who are heavily in debts and are in no position to pay them back opt for filing bankruptcy as the last alternative. This gives them the freedom and opportunity to start afresh. Such cases are dealt with by the bankruptcy lawyers, and it is advised to file through them instead of directly since they will be able to guide debtors in the right direction. Federal courts deal with such financial bankruptcy cases.

Bankruptcy Chapter 7 - The Liquidation Chapter

The most frequently used bankruptcy law is the Chapter 7, often called the Liquidation Bankruptcy. It involves the complete liquidation of a debtor's property, with the proceeds used to pay off the debts.

Chapter 7 Bankruptcy Form

A chapter 7-bankruptcy case starts with the debtor filing a two-page petition with the bankruptcy court. Statement of financial affairs with schedules of assets and liabilities, current income and expenditures, unexpired leases and contracts must be attached with the petition. There are several forms that must be attached with petition papers. One has to follow the local and federal bankruptcy court rules in completing the forms. These forms must be submitted within 15 days.

Chapter 7 Bankruptcy Qualification

Filing for bankruptcy has become the only relief for thousands of people who are experiencing massive debts. According to section 11, an individual, a partnership or a corporation or other business entities can qualify for relief under chapter 7 of the Bankruptcy Code.