Bankruptcy Law Research Paper

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

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

There are many reasons people find themselves in the situation of filing for bankruptcy. These include credit card debt, medical expenses, loss of job and divorce. If you determine that this may be the right course of action for you, you should consult with a Sacramento bankruptcy lawyer who has experience in the personal bankruptcy field. This is an important decision and the laws can be very complicated.

The entire point of filing for bankruptcy is to receive a discharge of your debt. You contact an experienced southern California bankruptcy attorney, make sure to provide them with all the necessary information, include every creditor in the paperwork…and then await the big day. Once you receive your bankruptcy discharge you’re done, right?

The loss of your job, a change in your income, an unexpected emergency or any other number of factors may cause your, or others in Tennessee, to struggle with debt. If you are dealing with financial challenges, then you may have considered filing bankruptcy. Sometimes, however, it can be difficult to know if Chapter 7 bankruptcy is the right option for you.

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.

Individuals and business owners may file Chapter 13 relief as long as the unsecured debts, such as medical and credit card debts, are less than $383,175.00, and secured debts are less than $1,149,525.00 (UScourts.gov). The debtor must receive monthly income since this chapter requires repayment to the creditors. Businesses involved in partnerships, limited liability companies, or corporations cannot file Chapter 13.

When you make the decision to file for bankruptcy protection, it is important to seek the advice of an experienced bankruptcy attorney. You want to make sure that your filing is done right the first time. This will save you time, money and stress.

When people talk about filing for bankruptcy, it is usually a Chapter 7 case. However, a Chapter 13 filing offers an individual in financial distress a variety of advantages. In a Chapter 13, the debtor submits a repayment plan that sets forth how all your creditors will be paid. As long as you are making your monthly plan payments, you can keep ALL of your assets (even non-exempt assets). Your plan will pay your creditors, fully or partially, over a period of three to five years, interest free!

So, the trade-off is a lasting mark against your credit in exchange for freedom from most debt. If you decide against Chapter 7 when it may be the right decision for you, your missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit, and may be more complicated to explain to a future lender than bankruptcy.

The bankruptcy code provides a variety of programs to help borrowers who can not pay their debts get a second chance at life. Depending on your financial circumstances and the types of debt you have incurred, you may file for either a Chapter 7 or Chapter 13 bankruptcy, each of which provides a different set of advantages to struggling borrowers. Espy, Metcalf & Espy, PC At Law, a bankruptcy law firm based in Dothan, AL, would like to explain some of the key differences between these two popular debt relief programs.

As aforementioned, certain types of taxes can be discharged if they meet certain criteria. Historically, Chapter 7 bankruptcy has been a much more efficient way at discharging or wiping out tax debts, but not everyone will qualify for Chapter 7 bankruptcy protection. If you are able to pass the “means test” and become approved to proceed with a Chapter 7 bankruptcy filing, your tax debt will only be discharged if:

When people in Davidson, and throughout Tennessee, are struggling with overwhelming debt, they often consider declaring bankruptcy. For individuals and couples filing jointly, Chapter 13 bankruptcy is one of the most common options. In order to ensure this is the right option for their circumstances, it behooves people to understand how Chapter 13 bankruptcy works.

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