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Believe it or not, bankruptcy is big business. Both debtors and creditors need representation, and these come in a variety of types, primarily individual and corporate. And, unlike some other areas of legal practice, bankruptcy has a high incidence of litigation because a bankruptcy filing is itself a form of litigation. In other... more »
Hard money lenders provide loans at high interest rates secured by assets, usually real estate. Hard money loans are typically only made to borrowers who are in distress in some way, such as that they are in bankruptcy or owe money on their mortgage. Commercial hard money brokers buy and sell these loans, usually purchasing from... more »
LTV HELOC is an acronym, standing for Loan to Value Home Equity Line of Credit. more »
Bankruptcy is a way to relieve consumers who are suffering with an enormous amount of overwhelming debt. It allows the consumer to be released from their debts either completely or partially. A bankruptcy remains on the consumer's credit file for 10 years.
Bankruptcy is a matter of federal law. If the federal bankruptcy law is... more »
In Ohio, two courts handle all bankruptcies for the state--the Northern and Southern Ohio bankruptcy courts. Filing for bankruptcy in Ohio is more challenging than in other states, as Ohio provides fewer exemptions for personal property and homes. Nonetheless, Ohio has the eighth-highest rate of bankruptcy in the United States. Some... more »
Whether you're searching for consumer or commercial bankruptcy information, we've got you...
Bankruptcy law is the legal process of helping someone who owes money to restructure his debts or to have them removed even though he has not paid... more »
Bankruptcy is a legal proceeding in which most or all of a person's debt is discharged, meaning the court declares that the person is not required... more »
Bankruptcy has become a complicated issue, but for a hard-working attorney, a bankruptcy practice can be a lucrative venture. There are steps to... more »
Starting a bankruptcy law practice can only be done by an attorney. The attorney should be well-versed in bankruptcy law before starting his own... more »
Bankruptcy is a legal proceeding which takes place in a federal bankruptcy court. There are various different kinds of bankruptcy, referred to as... more »
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization).
History
History and Development of Bankruptcy
The concept and origin of bankruptcy law as it is now known in the United States originated in England. The first English bankruptcy law is generally agreed to have been enacted in 1542. (34 and 35, Henry VIII, c.4 (1542) England.)
Actually, bankruptcy was originally planned as a remedy for creditors — not debtors. During the reign of King Henry VIII., bankruptcy law allowed a creditor to seize all of the assets of a trader who could not pay his debts. Additionally, on top of losing all of ones property, the unfortunate debtor also lost his freedom and was subject to imprisonment for failure to pay his debts. This left the family of the debtor in the position of having to pay the debts in order to obtain the release of the debtor. As time progressed, however, so did the rights of debtors in England. In the 1700s, for example, debtors were often released from prison and many fled to the United States to live. Many immigrated to Georgia and Texas, which became known as debtors’ colonies. Finally, by the early 1800s in England, debtors were often released from prison and their debts discharged. However, for many years, bankruptcy continued to be a remedy favoring creditors, involuntary in nature and largely penal in character. It was generally used only against traders.
Under the English system, collusive bankruptcy (agreed upon by creditor and debtor) was codified by the English Act of 1825. This also occurred when a trader filed a decla read more at » http://en.wikipedia.org/wiki/Bankruptcy
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