A personal bankruptcy attorney, as the term suggests, is a legal professional who can help individuals with their specific bankruptcy cases. There are two main chapters in the bankruptcy code that deal with this sort of bankruptcy. These chapters are chapter 7 and chapter 13. The chapter 7 describes the laws pertaining to total elimination of all sorts of debts, excluding a few exceptions, such as students loan.
Personal Bankruptcy
June 28, 2010 By
Personal bankruptcy is the most common form of bankruptcy. The bankruptcy laws in the bankruptcy code have provided various provisions for personal bankruptcy. In this competitive world, things move very fast, therefore, in an attempt to meet the standard of living set by the society, many people fall in the cruel trap of various kinds of debts. If you are not very careful in handling your financial matters, these debts may put you in a deep financial trouble and sometimes, things may just go out of your control. There might be a situation when the debts you owe to the various creditors are much higher than the assets you own and the means of income you have. This is the time when you would probably like to give your financial life a fresh start by closing the old chapters. Here, you will have to take the help of various chapters as described in the bankruptcy code. Let’s go exploring the various options that the bankruptcy code provides you.
Personal Bankruptcy
June 28, 2010 By
With the growing trend of taking various kinds of loans to meet the needs of high standard living, more and more people in America now have trapped themselves into the nasty pile of various kinds of debts. Sometimes, the debts become so high that they start controlling you instead of you controlling them. This is where personal bankruptcy emerges as the only solution that can bring you the much-desired relief from the heavy burden of debts.
Bankruptcy FAQ
June 27, 2010 By
1. What is “filing bankruptcy”?
Filing bankruptcy is a legal process that is used by a debtor in an effort to obtain relief from the debts they owe to their various creditors. The various steps involved in filing bankruptcy include gathering complete facts and records regarding the debts you owe and other financial matters, hiring a bankruptcy attorney, filing various bankruptcy forms as asked by your bankruptcy lawyer based on the type of bankruptcy you are claiming.
Chapter 11 Bankruptcy: Understanding The Basics
June 25, 2010 By
Chapter 11 bankruptcy is also known as corporate bankruptcy. When the financial position of corporation gets out of control with no hope for any improvement, they have the option to file court petition for bankruptcy under chapter 11 of the bankruptcy laws.
Bankruptcy Laws
June 25, 2010 By
Basic knowledge of bankruptcy law is very important, if you have worked out all the alternatives and have failed to get any better solution, and are finally going ahead to file a court petition for bankruptcy. This is the last thing you can do to save your financial life. In order to make things easier for you to understand, the bankruptcy code has categorized the various bankruptcy laws in various chapters. The main chapters in this regard include chapter 7, chapter 11, chapter 12, chapter 13, and chapter 17. If you are an individual and have trapped yourself in heavy piles of debts, you may like to go for the personal bankruptcy, which is covered under the chapter 7 and chapter 11. In addition to personal bankruptcy, the chapter 7 bankruptcy is also used by the business corporations.