When a person cannot pay the debts, he/she can use bankruptcy as an option, as per which the court makes certain arrangements in order to protect the interests of both the debtor as well as the creditors. Where debtors get an opportunity to get rid of the mounting debt problems, creditors get their money back. However, this is not an easy option at all. It should be better considered as a last option rather than an easy option. When nothing else works, you can use this method to get out of the debt trap.
Types of Bankruptcy
June 29, 2010 By
Bankruptcy can be categorized into various types keeping in view several factors in mind. For example, on the basis of the parties filing for bankruptcypetition, there are basically two types of bankruptcy – voluntary and involuntary. On the other hand, based on the nature of judgment by the court, the bankruptcy can be categorized in two forms – a reorganization bankruptcy and a liquidation bankruptcy. Let’s go exploring them.
Steps In filing Bankruptcy
June 28, 2010 By
If you are planning to file court petition for bankruptcy, there are certain steps in filing bankruptcy that you must be thoroughly aware of.
South Dakota Bankruptcy Laws
June 28, 2010 By
South Dakota bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. South Dakota bankruptcy district courts are located in four places – Aberdeen, Pierre, Rapid City, and Sioux Falls.
New Bankruptcy Laws
June 28, 2010 By
New bankruptcy laws are the laws that are added to the bankruptcy code of United States of America from time to time, in an effort to stop people from trying to cheat the system. However, if there is a genuine bankruptcy case where the debtor is unable to make payments for the debts they owe, the new bankruptcy laws do not make the path harder for them to get the much-desired debt relief. The new laws in fact make the path harder for those who want to take undue advantage of the bankruptcy coverage.
Missouri Bankruptcy Laws
June 28, 2010 By
Missouri bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Missouri bankruptcy district courts are located in eight places under the two group regions – Missouri Western District Court and Missouri Eastern District Court.