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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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
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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
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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