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 Sale Marks End Of Carsonaposs Chicago Daily Herald
Chicago Daily Herald Bankruptcy sale marks end of Carson39s Chicago Daily Herald Bon Ton operated 260 stores in 24 states, largely in the Northeast and Midwest, when it filed for bankruptcy in January. In addition to Carson39s, the company owned the Bon Ton, Bergner39s, Boston Store and Elder Beerman nameplates. Carson39s has 30 2200 Wisconsinites will be out of jobs due to Bon Ton bankruptcyWTMJ TV press release blog Bon Ton to Liquidate StoresWall Street Journal Rochester, Austin, and Albert Lea to be affected by Bon Ton bankruptcyKIMT 3 WOWT York Daily Record/Sunday News Reuters all 468 news articles raquo

As GM Mulls Options For Unit, How Does Bankruptcy Work In South Korea WHTC
WHTC As GM mulls options for unit, how does bankruptcy work in South Korea WHTC SEOUL Reuters General Motors has said its loss making South Korean operation would file for bankruptcy if its union failed to agree to cut labor costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan

AposHotel Mumbaiapos Seeks Judgeaposs Help To Break Free Of Weinstein Co. Ban...
Deadline 39Hotel Mumbai39 Seeks Judge39s Help To Break Free Of Weinstein Co. Bankruptcy Deadline Hotel Mumbai39s backers say they rescinded their distribution and marketing agreement with The Weinstein Co. in February, following damaging news accounts of co founder Harvey Weinstein39s sexual misconduct and a subsequent lawsuit alleging a corporate

BRIEFThe BonTon Stores Inc Announces Bankruptcy Court Approval Of Winning Bid...
BRIEF The Bon Ton Stores Inc Announces Bankruptcy Court Approval Of Winning Bid Reuters April 18 Reuters . THE BON TON STORES, INC. ANNOUNCES BANKRUPTCY COURT APPROVAL OF WINNING BID. BON TON STORES U.S. BANKRUPTCY COURT APPROVED ASSET PURCHASE AGREEMENT BETWEEN CO AND A JOINT VENTURE. BON TON STORES INC UNDER APPROVED

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy