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Bankruptcy is one of the most unpleasant financial experiences possible. The majority of bankruptcies filed in the United States are voluntary bankruptcies, filed by debtors who, for one reason or another, are unable to honor debts. More and more, bankruptcy is becoming a last resort for debtors as the result of huge medical bills,... more »
Statistics from the United States Federal Court show a total of 967,831 bankruptcies filed between June 2007 and June 2008. Individuals and families encountering difficult financial circumstances have the option of filing for a discharge of debts under federal law. Those opting for do-it-yourself filings may save a couple hundred... more »
Prevention is the best solution for bankruptcy. But if creditors get the feeling you're never going to pay them, they can force you or your business into bankruptcy by filing what's called an involuntary petition. The rules and general procedures for involuntary bankruptcy are set forth in Section 303 of the U.S. Bankruptcy Code. Once... more »
There's no formula that can tell you for certain when you should declare bankruptcy. Each situation is different and the decision should be made carefully. It's important to weigh the benefits and consequences before filing bankruptcy. Consulting with a legal professional could help you do this. While bankruptcy can help some people... more »
Bankruptcy is meant to be a tool to help individuals who have made critical financial mistakes make a fresh start. There are two main forms of bankruptcy: Chapter 7 (total discharge) and Chapter 13 (reorganization). Under both types of bankruptcy, an individual is able to file twice but there are limitations on how and when this can... more »
Whether you're searching for consumer or commercial bankruptcy information, we've got you...
With mounting debt, some people or corporations have no option but to declare bankruptcy....
Declaring bankruptcy is one of the hardest things you'll ever have to do. In bankruptcy, you...
Tired of struggling with expenses and having annoying phone calls regarding past due...
As the economy struggles through a recession, bankruptcy is becoming more common. In fact, over one million Americans filed bankruptcy in 2007.... more »
Bankruptcy is a serious financial decision that requires much consideration and understanding. Although most people file bankruptcy with an... more »
Many people who choose this debt-clearing route seek to cut expenses everywhere. That includes filing bankruptcy without paying an attorney. As of... more »
Many people get over their heads in debt and don't want the creditors to be calling them anymore asking for money when there isn't much money to... more »
Bankruptcy laws vary from state to state, as does what can be kept and under what conditions. One thing in common is that even if you file Chapter... more »
Filing for bankruptcy can be a financially and emotionally devastating process, but there are ways to rebuild credit and even obtain financing in... more »
In Chapter 7 bankruptcy, which allows forgiveness of almost all debts, many assets can be seized by the federal court to offset any creditor... more »
Bankruptcy is intended to help debtors who are honest but cannot handle their debts, making it somewhat difficult to know when to file for... more »
Not all bankruptcy cases are approved, though the federal court works as hard as possible to ensure a low number of dismissals. When a bankruptcy... 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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