Bankruptcy

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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.

 

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Bankruptcy Judge Rules Against Settlement Triggering GM Payout Wall Street J...
Wall Street Journal Bankruptcy Judge Rules Against Settlement Triggering GM Payout Wall Street Journal General Motors Co. GM 0.39 avoided a potential 1 billion plus stock payout to address claims stemming from the auto giant39s ignition switch crisis after a judge found a settlement between plaintiffs and a trust for the company39s bankruptcy estate GM Avoids 1 Billion Stock Payout in Courtroom BattleBloomberg Bankruptcy judge rules settlement calling for GM to pay 1 billion stock is unenforceableDetroit Free Press Judge tosses GM settlement on ignition switchNasdaq The Detroit News all 9 news articles raquo

Walter Investment Bankruptcy Plan Approved By Court HousingWire
HousingWire Walter Investment bankruptcy plan approved by court HousingWire incoming members of our board, who will bring proven track records and new perspectives from both inside and outside our industry, and will play an important role in helping guide our company forward following our financial restructuring process Bankruptcy Court Approves RMS Parent39s Chapter 11 PlanReverse Mortgage Daily all 2 news articles raquo

Program Enables Poor To More Easily File For Bankruptcy Press Herald
Press Herald Program enables poor to more easily file for bankruptcy Press Herald There39s a huge problem in this country where millions of people who face huge debts have this lifeline available to them bankruptcy but they can39t afford to access it, said Rohan Pavuluri, a 22 year old Harvard senior who developed the system

Toshiba Reaches Deal To Help Resolve Westinghouse Bankruptcy, Rebuild Finance...
Reuters Toshiba reaches deal to help resolve Westinghouse bankruptcy, rebuild finances Reuters The deal, first reported by Reuters earlier in the day, will make the group of hedge funds Westinghouse39s biggest creditor, helping cut down the fights among several creditors that had threatened to slow down the resolution of the bankruptcy. The group Westinghouse reaches deal to resolve bankruptcyNasdaq all 12 news articles raquo

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy