Bankruptcy Laws
The legal specialty of commercial bankruptcy law addresses situations in which debtors are unable to meet their obligations. Under bankruptcy law, debt is restructured, modified, or eliminated, and the debtor makes arrangements with creditors for reimbursement, either from sale of assets or modified repayment. Three categories exist by law. Chapter 7 involves liquidation of property to satisfy the debt. Chapter 13 adjusts the payment to allow for repayment through income of the debtor. Chapter 11 allows businesses to reorganize their debt. Bankruptcy is not taken lightly, and consequently, the courts are required to grant formal approval of bankruptcy. This section provides information on bankruptcy laws, insolvency, filing bankruptcy, chapter 7, chapter 13 and chapter 11.
How Do You Learn What You Need To Know About Bankruptcy Law?
Although federal bankruptcy law mainly regulates bankruptcies, the individual states can have specific guidelines for the process within their jurisdiction. States can typically choose to have their own rules that govern the types of exemptions that the debtor is allowed to keep after filing for a discharge of their debts.
Why You Should Know New Bankruptcy Laws Before Filing Bankruptcy
What effect will the new bankruptcy law have on the practice of Debt Settlement (also called Debt Negotiation)? Will creditors still be willing to negotiate with consumers seeking to avoid bankruptcy? Will lump-sum settlements for 30%, 40%, 50% still be possible now that this tough new law has been passed?
Debt Management Relief - Perhaps Your Last Chance to Avoid Bankruptcy
Clearly, filing for bankruptcy is not a perfect solution to your debt problems, especially with the new bankruptcy laws making it much more difficult to wipe out all of your debt. Even after bankruptcy you may still be faced with a sizeable percentage of your current debt and you may even lose your home.
The New Bankruptcy Means Test Explained in Plain English
Discusses the "means test" as it will be applied under the new bankruptcy law, and why more people will be forced into Chapter 13 versus Chapter 7. Explains in simple language how the calculations will work, with examples for illustration.
How the New Bankruptcy Law Will Affect Debt Negotiation
Discusses the effect of the new bankruptcy law on debt settlement or debt negotiation. Explains why it is still "business as usual" in the debt industry now that the new law is in effect, and why the strict new rules will make debt negotiation more popular than ever.
New Bankruptcy Law makes it Harder to Stop Foreclosure
Homeowners must prepare themselves for the end of bankruptcy to protect homes from foreclosure sales by learning foreclosure prevention strategies and principles.
Clearly, filing for bankruptcy is not a perfect solution to your debt problems, especially with the new bankruptcy laws making it much more difficult to wipe out all of your debt. Even after bankruptcy you may still be faced with a sizeable percentage of your current debt and you may even lose your home.
The New Bankruptcy Means Test Explained in Plain English
Discusses the "means test" as it will be applied under the new bankruptcy law, and why more people will be forced into Chapter 13 versus Chapter 7. Explains in simple language how the calculations will work, with examples for illustration.
How the New Bankruptcy Law Will Affect Debt Negotiation
Discusses the effect of the new bankruptcy law on debt settlement or debt negotiation. Explains why it is still "business as usual" in the debt industry now that the new law is in effect, and why the strict new rules will make debt negotiation more popular than ever.
New Bankruptcy Law makes it Harder to Stop Foreclosure
Homeowners must prepare themselves for the end of bankruptcy to protect homes from foreclosure sales by learning foreclosure prevention strategies and principles.