Bankruptcy Law

There is an important difference between declaring bankruptcy and insolvency. Declaring bankruptcy occurs when a debtor voluntarily or involuntarily goes through the legal process of bankruptcy. ...

There are two types of personal bankruptcy under the United States Bankruptcy Code, Chapter 7 and Chapter 13. Both chapters of the bankruptcy code provide for paying creditors back a percentage...

There are two types of personal bankruptcy under the United States Bankruptcy Code, Chapter 7 and Chapter 13. A Chapter 7 acts as an estate liquidation that sells off assets of the estate to pay...

A creditor can increase the odds of receiving payment on a claim by being aware of his rights and responsibilities throughout the bankruptcy process. It is essential to take action quickly,...

A meeting of creditors is simply an opportunity to verify information. No final rulings, judgments or discharges are decided at the meeting. Typically, if the bankruptcy petition and schedules are...

Filing bankruptcy gives the debtor, at a minimum, a break from collection activity due to the "automatic stay" of all other legal proceedings imposed by 11 U.S.C. 362 of the Bankruptcy Code....

There are two types of personal bankruptcy, a Chapter 7 liquidation and a Chapter 13 repayment plan. Both will remain on a credit report at least 10 years from the date of dismissal or discharge....

There are two types of personal bankruptcy that will help discharge any outstanding credit card balances, Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is also known as an estate liquidation....

Unlike a Chapter 7 bankruptcy, where the debtors assets are liquidated to pay off their debt, a Chapter 13 bankruptcy plan is a form of bankruptcy that allows either individual or joint debtors to...

There are two types of personal bankruptcy a debtor or joint debtors can file, a Chapter 7 or Chapter 13. Chapter 7 bankruptcy is a liquidation of a debtor's estate. The money from the estate...

While you are in a Chapter 13 bankruptcy proceeding, a court trustee takes the money directly from you and pays your creditors for a period of usually three to five years. If you want to end your...

If you receive a bankruptcy notice, technically known as a "proof of claim form," you need to understand what rights you possess and how you enforce them. At the heart of enforcing your interests...

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...

Most bankruptcies are voluntary, but creditors may want to force a debtor into bankruptcy so the creditor's interests are not ignored by the debtor because some other creditor is pursuing...

Most of the bankruptcy process occurs away from the supervision of a judge. The trustee takes the responsibility of mediating between debtor and creditors, and can resolve many issues between...

Many cringe at the mention of bankruptcy, which is a legal proceeding involving individuals or organizations who are unable to repay outstanding debt. You may be surprised to learn that other...

Filing for bankruptcy due to the mental illness of a debtor is a complex process involving two separate courts. The probate and bankruptcy courts play roles in regard to a mentally ill individual...

If you are in the midst of a bankruptcy and experience an improvement in your overall financial position, dismissing your case may be a wise course of action for you to take. Resolving your debt...

The creditor index (also known as a creditor matrix) is an attachment to a bankruptcy petition. The creditor index contains essential information pertaining to each of the debtor's individual...

In the world of debt reduction there are some terms that are not well known. This article provides definitions of some terms that relate to debt reduction and to bankruptcy.

A bankruptcy discharge is an injunction that immediately stops and further prevents creditors from collecting debt from a debtor. It is part of the relief a debtor can receive through bankruptcy....

The clawback provision in bankruptcy law permits the trustee to void or undo certain types of transactions. In other words, if a debtor participates in certain transactions that transfer assets...

As a creditor, you may initiate Chapter 7 or Chapter 11 bankruptcy proceedings on behalf of your debtor by filing an involuntary petition with the court. Creditors generally choose to do so when a...

As creditor with a debtor in bankruptcy, you must take all necessary steps to protect your interests. You need to understand the elements of bankruptcy law pertaining to creditors, including how...

Chapter 13, also known as Chapter 13 Wage Earner Plan, allows people to pay debts over time while keeping their property, according to U.S. Courts. Even during foreclosures, people can stop such...

Many people have questions about how to deal with their debt. Among this group are men and women seeking basic information about bankruptcy. Explaining bankruptcy does not have to be a confusing...

If you are owed money by an individual or a business that filed for bankruptcy, then you need to understand the basics of preparing and filing a proof of claim. A proof of claim is the document...

Bankruptcy or insolvency as it is known otherwise is basically a legal declaration of the inability to pay off the debts. Precisely a legal option, bankruptcy offers the debtors an option to give...

Student loans are only dischargable under personal bankruptcy law if the debtor can show that she will be caused substantial hardship if forced to pay them back. For persons with mental illnesses...

Credit card companies exist to make money. They make money off of interest, money off of miscellaneous fees and money off of their premium services. When a borrower fails to repay a credit card...

A Chapter 11 bankruptcy is designed to allow a business or an individual debtor to reorganize debt. Chapter 11 is rarely used by individual debtors, but is commonly used by corporations in need of...

Upon occasion, a judge or the trustee in a bankruptcy case will move to have a particular case denied and dismissed. In such a situation, you undoubtedly find yourself beyond frustration. Stop ......

For many people, bankruptcy is a fairly simple process that can be completed without paying an attorney. Other cases are more complex, and the small legal fees you pay an attorney could result in...

In a chapter 13 bankruptcy plan, the consumer debtor and his creditors abide by a plan that allows the debtor to pay back some or all of his unsecured debt in a set amount of time (three to five...

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...

A bankruptcy filing can be dismissed at any time for a variety of reasons. A debtor may request a dismissal if the debt has been taken care of, but more commonly bankruptcies are dismissed for a...

In some limited instances, a debtor might seek a dismissal of her bankruptcy case. While the reasons vary, gaining approval of the bankruptcy trustee or the court before abandoning an ongoing case...

The self help filing of a Chapter 7 bankruptcy can be a challenging task. Nevertheless, it can be done. The individual who wishes to save money in representing himself or herself will need to know...

Bankruptcy, as commonly understood, is financial insolvency in an individual or a business. In Australia, the Insolvency and Trustee Service Australia (ITSA) is the government agency that governs...

Consumers have the option to file for two different types of bankruptcy, Chapter 7 or Chapter 13, named after their respective sections in the United States Bankruptcy Code. Both types of...

Section 107 of the Federal Bankruptcy code makes all filings in a bankruptcy a public record. However, the only public notice of a bankruptcy filing required by law is a notice sent to creditors...

The requirements for bankruptcy in Nevada are governed primarily by the U.S. Bankruptcy Code with additional guidance from the local rules of the U.S. Bankruptcy Court for the District of Nevada.

California uses the bankruptcy forms provided by the U.S. Courts. These can be downloaded online (see Resources and References sections below) or filed electronically by a bankruptcy attorney....

A person dealing with ever-mounting debt eventually may consider seeking relief in the bankruptcy court. Certain standards for filing bankruptcy must be met in order for a debtor to be able to...

A consumer who has unmanageable debt can elect to file Chapter 13 bankruptcy. A consumer commonly wants to know how long does it take to file Chapter 13 bankruptcy. The process of preparing for...

Having elected to pursue a Chapter 13 bankruptcy, you may be wondering whether you can refinance while your case is pending. You can get refinanced while in Chapter 13. The process for refinancing...

Reaching a juncture at which debt is beyond a person's ability to control, bankruptcy can be the best options. Virginia bankruptcy laws set forth specific requirements and procedures to be used in...

Bankruptcy is the legal process by which a person can reduce or eliminate debts and start over financially. The details of bankruptcy vary depending on what chapter of bankruptcy law you file under.

When debtors decide to file for bankruptcy, they first contact an attorney for advice on which of the chapters of the bankruptcy code to file under, which debts they should attempt to discharge,...

A Chapter 7 bankruptcy trustee is charged with overseeing cases that are filed in U.S. Bankruptcy Court. There are some limited instances in which a Chapter 7 bankruptcy trustee can be removed...