Arguments Against Bankruptcy Law

Bankruptcy is a legal process established under the United States Constitution and federal law that allows consumers and firms that are unable to pay their debts to eliminate, or discharge, these legal obligations to repay many types of consumer and business debts thereby receiving a financial “fresh start” for the future (Filing bankruptcy, 2016). The history of bankruptcy dates to ancient Rome and the term "bankruptcy" was coined pursuant to Roman law and commercial practices of the day (Fitzpatrick & DiLullo, 2012). The term originated as a result of ancient Roman merchants conducting their business affairs in a public forum on a prominently placed bench known as a “banca”; in the event these merchants were unable to pay their theirs, Roman

Many bankruptcy filers don’t have an extensive history of bad credit. A large portion actually went into the bankruptcy process with decent to good credit. Bankruptcy provides relief to out of control debt or financial situations that have no other solution. They come out with a discharge of their debt

Chapter Seven personal bankruptcy is many times known as "straight" or alternatively "liquidation" bankruptcy -- it cancels your current debt, but one may have to let the bankruptcy court liquidate some of an individual's possessions for the benefit of your debt collectors. ("Chapter 7" pertains to the section of the particular federal government Bankruptcy Code which has the bankruptcy legislations.)

The two most common bankruptcy options are: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Many individuals worry about filing bankruptcy for fear that they will lose their house. Others, who have learned they don’t have to lose their house when they file for bankruptcy, still think that they have to limit their options to a Chapter 13 bankruptcy. They think that owning a home leaves them ineligible to file for Chapter 7 bankruptcy. Are homeowners ineligible for Chapter 7 bankruptcy? No, homeowners are not ineligible for Chapter 7 bankruptcy, but this IS a common misconception.

We know declaring bankruptcy is not a decision you made lightly. These are tough economic times and we know that there are so many things that can get out of hand and out of control.

The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income is known as Chapter 13 bankruptcy. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

Most state exemptions allow you enough so that most things you own will be exempt from bankruptcy, sometimes allowing more coverage to keep your property than you need. Additionally, you will get to keep the salary or wages you earn and the property you buy after you file for Chapter 7

To begin the filing process, the debtor must, like all other forms of bankruptcy, file a petition with the courts. The filing fee is $200 and the administrative fee is $75. ("Chapter 12 - Bankruptcy Basics."). Along with the petition, the debtor must also file a schedule of assets and liabilities, a schedule of current income and expenditure, a schedule of executory contracts and unexpired leases, and a statement of financial affairs ("Chapter 12 - Bankruptcy Basics."). After the petition is filed, the debtor has 90 days to file a plan of repayment. The plan must include fixed amount that the debtor is going to pay the appointed trustee. These fixed amounts are then distributed by the trustee to the creditors. “Once the court confirms the plan, the debtor must make the plan succeed. The debtor must make regular payments to the trustee, which will require adjustment to living on a fixed budget for a prolonged period” ("Chapter 12 - Bankruptcy Basics). This plan, once approved, will allow the debtor to begin to pay down the outstanding balances that they owe the creditors. After all of the payments are made, the debtor will receive a

There are times in life when our financial burdens become too overwhelming to manage any longer. Sometimes people become weighed down by financial pressures and need debt relief. That’s usually when they elect to file for bankruptcy. Bankruptcy is a big step and you need to know how to do it correctly. Crandall Law Offices in New Richmond, WI has some suggestions for how to file bankruptcy.

Declaring Bankruptcy Steps What about for individuals? Bankruptcy for individuals can be viewed as a financial strategy. In many ways, bankruptcy is financial planning when you strip down the details - but, it's important to have a competent bankruptcy lawyer on your side in order to tie up all of those loose

Bankruptcy cases are the intricate legal proceedings that relieve a debtor of his huge debts either by liquidating his non-exempt assets or reorganizing them.

Chapter 7 personal bankruptcy involves liquidating your assets and turning them over to the courts. A trustee of the courts follows a court-supervised procedure, reduces your assets to cash, and then pays the creditors. State or federal law will exempt some assets in both types of bankruptcy. A Chapter 13 bankruptcy should be filed if you have valuable assets, such as a house, that you wish to keep. Under this type of bankruptcy, a re-payment plan is established with the creditors over a period of several years. Your Oakland bankruptcy lawyers will review your records and paperwork and help you decide whether filing Chapter 7 or Chapter 13 personal bankruptcy is appropriate for your situation.

That is why it is incredibly important for you to find legal counsel that is going to be able to help you with the particular financial difficulties you are having. Keep in mind that some attorneys have more experience with business and others have more experience with individuals. Choose your legal representation appropriately. You need to make sure that you find a professional that is experienced and capable of offering you guidance with the type of financial difficulties you are having. Do a lot of research before you choose your legal representation and make sure that you feel completely comfortable working with them. This way you know that your financial difficulties will be taking care of carefully and professionally by the best bankruptcy lawyer for the

There is a common misconception that filing for bankruptcy spells doom for one's financial future. In reality, bankruptcy offers a fresh start that enables you to rebuild your financial life anew. The bankruptcy attorneys of Greene Law, PC--serving clients throughout the state of Connecticut--understand the things you can do to start rebuilding your finances, no matter what type of bankruptcy you’ve filed.

The bankruptcy will be noted on your credit report, and it will be difficult to borrow any money, and when you do, the interest rates will be high. This situation will last until the bankruptcy is dropped from