Bankruptcy Law

Filing for Chapter 7 bankruptcy is something that individuals, partnerships, corporations or any type of business can do. There is no debt requirement or limit to be able to file, and for...

If you're finding it impossible to pay your mounting debt, filing for bankruptcy might provide you with the debt relief you need. Although it will affect your credit negatively for several years,...

Preparing to file for bankruptcy is an involved process. High on the list of tasks undertaken is gathering together copies of documents that you need to pursue your case. Some of these document...

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...

Having recently gone through the process there are a few things I wish I had known before I started. Continue reading for some very useful steps to take in the months BEFORE you file.

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...

If you have been thinking about filing for bankruptcy protection as a way to obtain a fresh financial start, you may be wondering if you should file for Chapter 7 or Chapter 13 bankruptcy...

Arizona residents considering filing for Chapter 7 should learn the income requirements before filing.

"Chapter 13" is the shorthand way of referring to Chapter 13 of Title 11 of the U.S. Code, which lays forth the procedures, rules and requirements for filing bankruptcy as an individual with...

Part of pursuing a Chapter 13 bankruptcy is determining how much income you have available to satisfy the terms of the payment plan established by the trustee and the court. If you are...

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...

People thinking about filing for Chapter 7 bankruptcy must keep in mind the income requirements under the law. For Washington state residents, knowing the income guidelines for filing Chapter 7...

Chapter 7 bankruptcy, known as liquidation, is typically the quickest and easiest way for an individual to file bankruptcy. Filing Chapter 7 in New Jersey eliminates your debt but requires a...

Bankruptcy is a system that allows individual consumers to either erase their debts or set up a court-supervised repayment program. Both federal and state laws govern personal bankruptcy, so...

Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, also called the Bankruptcy Act, in order to combat abuse of the bankruptcy system and tighten regulations to...

Even in good economies there are some people who, for a variety of reasons, will not be able to pay their debts. U.S. laws provide for those debtors to get some relief by filing for bankruptcy....

It is a common misconception that a certain amount of debt is required to file for bankruptcy, but the amount of debt you have has no bearing on whether you should file. Your inability to repay...

By far, most bankruptcies are filed under Chapter 7. This type of bankruptcy allows you to have many kinds of debts permanently forgiven if they can't be paid from the value of your assets. The...

Many people worry about what the IRS will do regarding a bankruptcy filing. But in most cases, the IRS is subject to the same bankruptcy laws as other creditors. If you owe taxes when you file for...

Bankruptcy qualifications are complex and take into consideration the applicant's gross income, disposable income, amount of debt, type of debt and assets. Based on these factors, individuals must...

Chapter 13 bankruptcy laws and procedures are set out in the United States Bankruptcy Code. A debtor who has a regular income can keep his house and other property and pay his debts to creditors...

Chapter 7 bankruptcy is a specific type of bankruptcy referred to as "liquidation" bankruptcy. Liquidation generally means that you sell off most of your property, use the money to pay off as many...

Bankruptcy is a legal means to discharge one's debts. Filing for bankruptcy allows someone to reduce many financial obligations. One common kind of bankruptcy is called chapter 7 bankruptcy. A...

For the most part, the bankruptcy code is uniform across the country. Certain elements depend on local standards, particularly the qualifications for filing. Individuals can file for bankruptcy...

Those who wish to file bankruptcy in the United States must follow federal laws and procedures to successfully complete their case. Chapter 7 bankruptcy allows debtors to have most of their...

Prior to 2005, Chapter 13 bankruptcies did not exist. The only bankruptcy plan available to individuals was filing for the discharge of all debt under Chapter 7. A Chapter 13 bankruptcy gives the...

Since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, there have been new restrictions to Chapter 7 qualification. Some of these, such as the credit counseling...

The U.S. Bankrupcty Code is consistent throughout the entire nation. It does, however, have certain aspects that incorporate local customs and data. For example, the means test, which is used to...

Chapter 13 can be a desirable chapter to file if you have to file bankruptcy. When filing with this chapter you may be able to keep all of your assets with an acceptable payment plan. The debtor...

The U.S. Constitution gives jurisdiction over bankruptcy to the federal government. Congress created the U.S. Bankruptcy Courts as part of the federal court system. Though the general laws of...

Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005. The law makes it much harder for consumers to enter Chapter 7 liquidation and imposes other...

Generally, bankruptcy laws are the same in each state. Realistically, however, there are considerable procedural differences across the country. The bankruptcy court system is separated into...

A debtor can choose to file for a Chapter 7 or Chapter 13 bankruptcy to discharge or repay debt. Under Chapter 7, if qualified, a debtor can have the debt entirely forgiven. Under Chapter 13, the...

Each bankruptcy district has its own local rules, which set forth the appropriate forms, filing methods, case management procedures and deadlines for each case. In Connecticut, the local rules are...

The three primary differences in bankruptcy among the states are the local rules of the Bankruptcy Districts, the median income for the means test, and the property exemptions. Each bankruptcy...

There are three primary differences between bankruptcy in the different states. First, each bankruptcy district has its own local rules, which govern forms, procedure and deadlines. Second, the...

Though the U.S. bankruptcy code is the same for all states, it includes several regulations that are based on state-specific information. For example, the Chapter 7 means test measures the...

The U.S. bankruptcy code is uniform for all states. Among its regulations, however, are items based on state-specific data. The Chapter 7 means test, for example, measures the debtor's income by...

The U.S. bankruptcy code is consistent across the states. Some of its requirements, however, are in terms of state specific standards, such as the means test, which measures a debtor's income...

Bankruptcy is a hybrid system in the United States. The bankruptcy code is consistent across the entire country. This means the rules and requirements of, say, Chapter 7 bankruptcy, are the same...

Chapter 7 bankruptcy is referred to as liquidation bankruptcy. Chapter 7 is, essentially, a fresh financial start because most of your debts are discharged and some of your property is sold to pay...

Chapter 7 bankruptcy is the most extreme version of bankruptcy, and it is available to individual consumers, partnerships and corporations. Chapter 7 bankruptcy is referred to as "liquidation...

The income test for Chapter 7 eligibility is not based directly on annual salary. Nor is it a specific number that applies throughout the country. The circumstances that prompt bankruptcy often...

In tough economic times, folks are losing their jobs and homes. When bills are piling up while your bank account is drying up, sooner or later you may start to wonder: should I file for...

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was the most significant revision to the U.S. Bankruptcy Code in almost 30 years. During that time, creditors believe debtors...

Chapter 7 bankruptcy is known as liquidation. It forces the debtor to sell all his nonexempt assets to pay his outstanding debts. Chapter 7 is beneficial for those with few assets, because most...

Because of a change in federal bankruptcy laws in 2005, Chapter 13 has become much more important. Debtors whose income exceeds the median income in their state and is sufficient to pay off their...

Chapter 13 bankruptcy is a legal action taken by an individual facing serious financial issues. The ultimate goal of a Chapter 13 bankruptcy is a reorganization of an individual's debts in a...

Bankruptcy is usually a difficult situation for all involved. Obviously the debtor is under a crushing burden of indebtedness, but the creditors are hurting, too--they put up their money or goods...