Exemption from bankruptcy
Bankruptcy law can be quite confusing at times. This is because bankruptcy laws are made up of state as well as federal laws. Selecting the correct bankruptcy exemptions and using them to your benefit can be a challenging task. Although the federal government has the power to enact laws, it also empowers the states to [...]
How to Declare yourself Bankrupt?
If you find it difficult to meet your minimum financial obligations every month and you have also fallen behind on your payments, it is time you try to strike a balance between your monthly income and expenses. How will you deal with debt collectors? And how will you consolidate your debts? Similar questions may be [...]
What are bankruptcy Courts?
Bankruptcy is a federal court procedure that helps you to address your debts under the supervision of a trustee appointed by the court. You can repay your debts either by selling your assets or making payments according to a repayment plan. The most common types of bankruptcy filed by consumers include Chapter 7 and Chapter [...]
What is the cost of filing bankruptcy?
When you are filing bankruptcy, you are also required to pay fees for the same. The filing fee has to be paid to the Clerk of Court for United States Bankruptcy Court. In case you are filing Chapter 13 bankruptcy, the fees you have to shell out is USD$274. If you are filing Chapter 7 [...]
How important is automatic stay in bankruptcy?
When you file bankruptcy under any Chapter of Bankruptcy Code, any action taken by a creditor, collection agency or any government entity can be stopped with the help of automatic stay. It is an injunction against any action taken by the aforesaid entities. It helps debtor and also protects their property under certain circumstances. In [...]
Mortgage Bankruptcy Bill
The Mortgage bankruptcy bill also referred to as “Conyers Bill” was enacted in the year 2007 by legislation. The Conyers Bill is controversial because it has brought about modification in the new federal bankruptcy laws that were introduced on 17th October 2005. The mortgage bankruptcy bill aims at helping homeowners retain their home ownership in [...]
Filing bankruptcy during economic shortfall
Filing bankruptcy is associated with a social stigma. This makes bankruptcy filings even more difficult. The probable reasons for filing bankruptcy include unemployment, increasing insurance costs, medical emergencies, mortgage debt and credit card debts etc. However, as per the prevailing market conditions, liquidity crunch is a prominent cause of filing bankruptcy. The number of people [...]
Create Awareness on bankruptcy
Bankruptcy can be a good option for getting out of debt. Nevertheless, there are many aspects that need to be considered and that is best done with the help of a lawyer. If you are planning to file bankruptcy, before you embark upon this journey you need to have a sound understanding of the process. [...]
What are the alternatives to Bankruptcy?
The debt help industry is doing brisk business and helping innumerable debtors in the process. Not that there are no debt help organizations offering debt help free of cost. These are usually referred to as the non- profit making organizations that operate with the help of donations. There are other debt help options you can [...]
What happens in corporate bankruptcy?
The Federal Bankruptcy Laws determine how companies filing bankruptcy restore their financial stability and continue their operations. A company declaring bankruptcy can make use of Chapter 11 bankruptcy to “reorganize” its business operations and start earning profits again.
What happens when a company files bankruptcy?
The management of the bankrupt company continues its operation on a day [...]
