Bankruptcy Essay

In order to properly file bankruptcy, you will want to make sure that you hire a lawyer that can accurately handle your case for you. A personal bankruptcy lawyer specializes in the laws of bankruptcy for consumer debtors. Since the laws vary from state to state, it is important that you choose a lawyer located locally.

11 USCS § 727(a)(4)(A) states, “The court shall grant a debtor a discharge unless the debtor knowingly and fraudulently, in or in connection with a case, made a false oath or account.

Under the United States Constitution, any valid bankruptcy system must be federally enacted. Two separate provisions of Article I necessitate this conclusion. Article I, Section 10, Clause 1 of the Constitution prohibits any state from passing, “. . . any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, . . . .” No bankruptcy system can realistically exist without the ability to impair the obligations of contracts. The entire purpose of a bankruptcy proceeding is to allow a financially distressed debtor to discharge its debt obligations after paying off as much of its debt as possible. A large majority of a municipal debtor’s debt will come from some contractual obligation that the States are explicitly prohibited from impairing. Therefore, Article I, Section

Most people file for bankruptcy because they’re indebted to a person or corporation, like a bank for example. When you file for Chapter 7 bankruptcy, an impartial trustee is appointed to your case and handles the liquidation of

The Bankruptcy Act of 1898 also introduced a number of important reforms that were in response to the public criticisms leveled at previous bankruptcy laws. For instance, the U.S. Congress attempted to resolve many of the former legal inefficiencies that has plagued the system in the past by appointing so-called “bankruptcy referees” that were intended to speed up the legal process; in 1973, these bankruptcy trustees were elevated to the level of bankruptcy judges (Fitzpatrick & DiLullo, 2012). In addition, the Bankruptcy Act of 1898 sought to eliminate many of the more onerous requirements for discharging unpaid debts that had been implemented under previous bankruptcy legislation. As a result of these changes, a growing number of legal authorities felt that debtors were being more heavily favored in bankruptcy proceedings, especially compared to prior eras in American history (Fitzpatrick & DiLullo,

Most people would like nothing more than to be freed from their financial debt. Personal bankruptcy can provide you with legal protection from your creditors and take care of much or all of your debt. There is the chance you will get to keep your home and car. In other words, personal bankruptcy can be the salvation to financial ruin. By wiping out your old debts, you will find yourself in a better position to pay your current bills.

Many believe that to be the case, but they’re overlooking the big picture. The actual purpose of bankruptcy isn’t just to get rid of debt that is bothering you; the purpose of filing for bankruptcy is to obtain a fresh start so that you can have a healthy financial future. If you refuse to be a big picture type of person, then receiving your bankruptcy discharge will probably be your last step. But if you actually want to make the most out of your bankruptcy filing, then there’s still one more major milestone in your bankruptcy path: rebuilding your credit after bankruptcy.

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.)

This book is written by Bruce H. Mann and published by Harvard University Press in 2002*. It is about the relationship between creditors, debtors and society culture underling the American bankruptcy act in 1800 and the new republic trends.

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.

Consulting with a seasoned bankruptcy lawyer can help you obtain a better understanding of your options. Depending on your unique situation, you may benefit from negotiating a debt reduction or payment plan as opposed to filing for bankruptcy. Should you and your attorney determine that filing is the best available option, he or she will be able to explain the benefits and differences between the various bankruptcy options.

As a southern California bankruptcy attorney, I receive a lot of questions. Most are from people who want to file bankruptcy, just filed bankruptcy or filed years ago and are now wondering how it could affect their current situation. What we don't usually get are questions from creditors regarding how to respond to a bankruptcy filing. That makes today’s question particularly interesting because it’s from a creditor and it involves some very specific circumstances.

If you are planning to file a personal bankruptcy case, you should understand that the law requires you to treat all of your creditors similarly according to the type of debt they hold. The law prohibits you from “preferring” one creditor over the others.

Chapter 7 bankruptcy: the bankruptcy in chapter seven is known as a liquidation process. This process is used when a corporation basically has no other alternatives in saving the corporation and has the ability to attain the essential creditor settlement. All of the corporation’s possessions have to be vended for their palpable value. There has been over a numerous amount of corporations who have declared bankruptcy on a yearly basis. Chapter 9 bankruptcy: this bankruptcy applies to all the cities in all areas. The biggest city to ever announce bankruptcy is Detroit, Michigan. However, there have been others such as: Stockton, California, and lastly, Birmingham, Alabama. Chapter 11 bankruptcy: this bankruptcy means that corporations are able

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to