The primary purpose of
bankruptcy
laws are: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has property available for payment.
(see
Legal Kits)
Bankruptcy allows the debtor to resolve his debts through the division of his assets among his creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their assets are distributed, even if their debts have not been paid in full. During the pending of a bankruptcy proceeding, the "Debtor" is protected from extra-Bankruptcy action by creditors by a legally imposed "stay."
Purpose of
Bankruptcy Best Sellers from
Amazon.com
• Judge Says PALCO Bankruptcy Ruling Coming Monday The Eureka Reporter
Category: Local News Topics: PALCO After endings the weeks scheduled hearings a day early on Wednesday, the federal judge in the Pacific Lumber Co. bankruptcy case said he will make his final ruling Monday to move the case forward.
• Stockdale City Council Meeting July 3, 2008 NOTICE OF REGULAR CITY COUNCIL ME...
Notice is hereby given that the Governing Body of the City of Stockdale will meet in Regular Session beginning at 6:30 p.m., on Tuesday, July 08, 2008, at its regular meeting place at City Hall, in the Community Building, 700 West Main Street, City of Stockdale, Texas for the purpose of considering the attached agenda.
• Man Collared, 900Gs In Marijuana Seized Toronto Sun
IN TOMORROWS PAPER:
• Parts Makers Take Hammering London Free Press
Many areas of Ontario are taking a beating at the hands of a slumping auto industry. Companies and communities that have depended on supplying the Big Three automakers GM, Ford, and Chrysler with parts are all struggling in todays automotive downturn.
• Marijuana Growop Busted In Pickering CBC Toronto
Durham police busted a marijuana grow operation in Pickering, on Thursday.
IMPORTANT NOTICE:
The information provided by FactsOfLaw.com does not
constitute legal advice or any other type of advice and is
provided for educational purposes only without
warranty of any kind. FactsOfLaw.com has not
reviewed the information on this page for accuracy
and is not responsible for any errors, omissions or
inaccuracies. For legal advice you should
consult a licensed attorney. Source: wikipedia.org
