Bankruptcy Law

Learn about what a loan modification is as well as how and why this option can save your property from foreclosure.

Corporations are separate legal entities under corporate law, and they are entitled to file for bankruptcy under either Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code. Initial filing...

The standard procedures for filing a bankruptcy petition are the same for S corporations as for other corporations. However, since S corporations are exempt from most federal taxes, S corporation...

The U.S. Bankruptcy Code does not allow debtors to file a second bankruptcy case until complying with two time limitations. These limitations relate to the date and type of discharge received in...

Businesses cannot file for bankruptcy without an attorney. Individuals, however, do not need to pay an attorney because individuals can file pro se, meaning on their own. Bankruptcy can be a...

If you file bankruptcy a second time, you must pass three unique requirements and take the means test. In addition, you must also qualify under the general requirements of the chapter you select...

In bankruptcy, a discharge is an order that prevents a creditor from collecting on an outstanding debt from the debtor. A discharge order essentially dissolves any liability the debtor has for the...

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made credit counseling mandatory for all consumer bankruptcy debtors. By law, this counseling must come from a nonprofit...

All people who file subsequent Chapter 7 or Chapter 13 cases must take the means test. The results of this test determine if you qualify for a Chapter 7 discharge and the amount of monthly...

The procedure for converting from one chapter of bankruptcy protection to another is quite simple. Much more complicated is dealing with the implications of the new chapter. If you are considering...

Once you've filed for Chapter 7 bankruptcy protection, you can't just withdraw your case whenever you feel like it. Though, as the debtor, you do realize some benefit from bankruptcy, the process...

Chapter 7 bankruptcy is the most common form of bankruptcy. Chapter 7 is a financial fresh start for individuals, or a financial termination for businesses. For individuals, Chapter 7 gets rid of...

The means test is a complicated formula to determine whether you qualify to file for Chapter 7 bankruptcy. If you fail the means test, you have to file for Chapter 13 bankruptcy instead. If your...

The law provides certain exemptions which ensure that, when a person files for Chapter 7 bankruptcy relief, they can keep some essential property.

Filing bankruptcy automatically invokes the stay of proceedings described in Section 362 of the U.S. Bankruptcy Code. The stay is similar to an injunction, and applies in all cases filed under all...

When you decide to file for bankruptcy, you will have to decide what "chapter" of bankruptcy to file under. Individual debtors---meaning people, not businesses---can decide between Chapter 7 and...

A business that owns real estate facing foreclosure is in a challenging situation. There are, however, options available to avoid a business foreclosure. By taking a proactive approach to...

The United States Code provides the legal standard for finding bankruptcy fraud. Title 11 contains the U.S. Bankruptcy Code. Title 18 regulates Crimes and Criminal Procedures. Provisions from both...

The Bankruptcy Schedule C form is for claiming property that is exempt according to the law. If you are filing your own bankruptcy, you need to know how to fill out a bankruptcy Schedule C to...

What do you do when you can't pay your bills? More and more Irish citizens are having to ask this question. From October to December 2008, Northern Ireland's personal insolvency claims rose 39...

The word debt seems to be the word du jour. Everyone including our government is under more financial pressure than ever and carrying more debt than ever. How do you get out from under crushing...

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...

Saving a house, whether already paid for or under a mortgage, is a goal of many people who are thinking about filing bankruptcy. Unfortunately, those who file Chapter 7 bankruptcy are not able to...

Filing bankruptcy is a very important process that should be completed by an experienced attorney. Most people are unable to afford an attorney and want to file themselves saving money in legal...

Deciding to declare bankruptcy is one of the most important personal and financial decisions a person can make. Bankruptcy helps resolve many financial problems, especially when one is eligible...

Bankruptcy is regulated by federal law and must be filed in federal court. There are 94 federal judicial districts in the United States, each one with one or more bankruptcy courts. Bankruptcy...

Buying a home after bankruptcy is not an impossible task, as long as you are willing to do the work and be patient. Time is crucial when it comes to bankruptcy, as most lenders will require a 2 or...

Yes, you can buy a house after filing for bankruptcy. Bankruptcy does not restrict subsequent ownership rights. What bankruptcy does, however, is adversely affect your credit rating, and it stays...

Generally, it is not possible to claim a student loan on bankruptcy and have it discharged so that you are freed of the obligation to repay. However, there is a narrow exception, called "undue...

When the bill collectors start calling and you aren’t making enough money to pay your debts, you may feel the temptation to consider filing bankruptcy. This was much easier and safer to do...

Bankruptcy allows an individual or a business to be relieved of the negative financial strains through a binding legal decision. When finances start a downward spiral, you need to decide on a plan...

A limited liability company (LLC) is a relatively new form of business created by the state. How to file bankruptcy for a limited liability company is a still-evolving process. The big question is...

Just like individuals, businesses fall victim to financial difficulty. If you feel bankruptcy is the only option for your business, these suggestions can help guide you through the complicated...

You'll probably need a lawyer to file for bankruptcy, but here's how to get started.