|
|
|
Facts - Books - News U.S. Facts Of Law: |
What Is Bankruptcy?
|
Bankruptcy is a legal process to restructure or
absolve ones debts. It is not a process to be
used lightly. Bankruptcy can stop
foreclosures, harassment from creditors and stop
some lawsuits.
Although there are several forms of bankruptcy, for
most individuals there are only two choices; chapter 7
(liquidation) or chapter 13 (reorganization).
In a liquidation bankruptcy where the debtor's
assets are much less than his/her debts, assets of the
debtor are liquidated and the proceeds are paid to the
creditors as payment in full.
Bankruptcy can also be used to restructure payments
to creditors. A debtor unable to meet his/her
current obligations can retain all assets and
reorganize payments to creditors under a court
enforced plan. Generally payments are reduced to
a manageable amount and the total amount of debts may
even be reduced.
Bankruptcy results in a fresh start for the debtor
and will remain on the debtor's credit record for up
to ten years. Filing for bankruptcy is not
difficult and over one million people go through the
process in the United States every year.
Bankruptcy is often the best solution for a debtor
and the creditors. For most, it is a last resort
for relief from a mountain of debt and few assets.
Some debts may not be dischargeable during a
bankruptcy and the debtor may still retain substantial
debts. After bankruptcy the debtor is left with
a generally poorer credit rating depending upon the
type of bankruptcy used. The mere use of
bankruptcy can have a very negative effect on most
persons.
|
|
What is
Bankruptcy Best Sellers from
Amazon.com
How to File for Chapter 7 Bankruptcy
by Stephen Elias Attorney, Albin Renauer J.D., Robin Leonard J.D.
Amazon Price: $26.39
Customer Review: I remember my dad saying Wild Horses couldn't make him file bankruptcy. I never really knew where that expression came from or the relevance, but I knew what it meant. Dad would rather starve than face the humiliation bankruptcy would bring. Fortunat...
Quicken 2010 For Dummies
by Stephen L. Nelson
Amazon Price: $16.49
Customer Review: The book is what I expected -true to the series pattern. Amazon's performance was routinely perfect.
Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Day...
by Don Sausa
Amazon Price: $16.47
Customer Review: I probably should have read this book first before reading others. This turned a complexed topic into something very simple and the topics from bidding in an auction to even finding auctions are broken down into easy steps. Highly recommended for beg...
The Pleasures of Bankruptcy
by Pierre le Valle
Amazon Price:
BestCredit: How to Win the Credit Game, 2nd Edition
by Dana Neal
Amazon Price: $19.80
Customer Review: I work for a credit union, and part of my job is to create financial education materials for our members. Lately I've been researching the hottest current topic: credit repair. I've read so many book on the subject, and spent hours and hours on th...
Newsfeed display by CaRP
What is Bankruptcy News
GN News
• Alex Rodriguez Objects To Rangers Bankruptcy Claim Jorge Posada Has Bakerapos...
Daily MailAlex Rodriguez objects to Rangers bankruptcy claim Jorge Posada has Baker39s New York Daily NewsAccording to a Bloomberg report, Alex Rodriguez objected to the Rangers39 bankruptcy plan in a filing Wednesday in US Bankruptcy Court in Fort Worth, Tex. Alex Rodriguez objects to Rangers39 bankruptcy planReutersAlex Rodriguez Objects to Rangers Bankruptcy PlanBloombergA Rod adds his objection to Texas Rangers saleFort Worth Star TelegramThe Province Dallas Observer International Business Timesall 57 news articles raquo
• American Safety Razor, Lehman, Innkeepers, AbitibiBowater: Bankruptcy Bloomberg
American Safety Razor, Lehman, Innkeepers, AbitibiBowater: BankruptcyBloombergAffiliates abroad aren39t in bankruptcy. It was acquired for 625 million in July 2006 by London based Lion Capital LLP. Although ASR has the largest market Razor maker sold at Walmart, Home Depot files for bankruptcyOCRegisterAmerican Safety Razor Files Chapter 11, Plans Sale to LendersThe Distressed Debt AlertIn re American Safety Razor Company, LLCJD Supra press releaseall 11 news articles raquo
• Bankruptcy Filings Up 16 In Wisconsin Todayaposs TMJ4
Bankruptcy Filings Up 16 in WisconsinTodayaposs TMJ4MILWAUKEE AP Bankruptcy filings are up 16 percent in Wisconsin during the first half of the year. US Bankruptcy Court records show more than 16000 Bankruptcy filings in state up 16 at midyear: Spike tied to unemployment American ChronicleBankruptcy filings up 16 at midyearMilwaukee Journal SentinelGulf Coast Personal Bankruptcy Filings to Rise24 7PressRelease.com press releaseWTAQall 10 news articles raquo
• Back From Bankruptcy, CIT Posts Quarterly Profit The StarLedger NJ.com
RTT NewsBack from bankruptcy, CIT posts quarterly profitThe Star Ledger NJ.comCIT Group, the commercial lender run by Chief Executive Officer John A. Thain, posted its second straight quarterly profit since emerging from bankruptcy CIT Group rebounds with another quarterly profitBusinessWeekCIT: Beginning Discussions To Refinance, Repay Costly 4B DebtWall Street JournalCIT Group Shows Staying Power With Second Quarter ProfitForbesReuters CanadianBusiness.com San Francisco Chronicleall 77 news articles raquo
• When To File Bankruptcy: The Best Way Is By Availing Advice From Bankruptcy ...
68 CaliberWhen To File Bankruptcy: The Best Way Is By Availing Advice From Bankruptcy Mortgage11Most debtors are completely unaware as to when to file bankruptcy. While the federal bankruptcy law is designed to grant legal protection to individuals and Paintball amp The Courts: The Smart Parts Bankruptcy68 CaliberSmart Parts Files for Chapter 7 Bankruptcy68 CaliberOnline Lawyer Firms Also Do Help You File BankruptcyMortgage11About News Issues blog MyNews.inall 7 news articles raquo
IMPORTANT
NOTICE: This webpage is
Copyrighted content. No portion of this page may be copied
to any other webpage, forum, blog or other domain page or
offline publication without written permission from
FactsOfLaw.com. Violators will be prosecuted to the fullest extent of the law.
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.
|
|
|