Is Bankruptcy A Terrible Word?

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.

Many companies in the United States are struggling to survive. These companies are experiencing significant decreases in revenue, reduced assets, and increases in liabilities. Companies that already filed, or are at-risk for filing bankruptcy are struggling with keeping up with their competitors, causing the companies to lose their value. When a company files for bankruptcy, the company no longer gets to make the business decisions. The bankruptcy courts begin to make the decisions for the companies in efforts to restore the businesses. If the company is unable to revive itself from bankruptcy status, the company goes out of business. If this occurs, the company must sell everything it owns in order to compensate its shareholders and repay

bankruptcy because bills and health care bills are piling up so high that they are unable to afford it. This all trickles down and effects everyone in different ways.

I took a field trip in college to the local courthouse where we got to pick the brains of the attorneys who worked there. What I found out there was shocking to say the least. I discovered that the work load for public defenders is so high that a lot of cases take months to be presented. They also said most lawyers coming out of law school do not want to be public defenders. The idea to fight for the underdog and to give him or her the best shot they have to get the right decisions in their court case is what being a lawyer is all about. I understand when being a public defender, your cliental isn’t always the cream of the crop, but just because they have had a hard life and made some bad choices doesn’t mean that they should get any less of an attorney. However, someone who has done the most heinous of crimes, but has all the money in the world to pay for a top of the line lawyer usually will be found not guilty. I was told in court cases, the facts speak the truth, no matter what they are, but it takes a great lawyer to deliver those facts home to a jury of our peers. As a result, we see countless times where high prices attorneys get their clients off due to the fact they are just better trained and have more experience finding loopholes in the law. The passion for the truth should always set people free. What we need are more people who are willing to be great lawyers and help those who are less fortunate. I believe that is what I am being called to do. I understand to become a great lawyer you will hit snags and fall down. However, I will keep moving because there will come a day where a man or women will need legal help and it will be my time to step up and get the job

At this point in the worker’s hard economic situation, he or she starts to pick the bills they want to pay. The worker usually picks the bills for life’s simple necessities like food, electricity, and shelter over the medical bills they owe. If the medical bills are not paid in a timely fashion the hospital sends the collection agent to the person’s house and if the person does not have the money that is owed, the collection agency instills pay deduction into the minimum wage workers already suffering paycheck. “More than 85 percent of filers cite job loss or medical expenses as the reason for entering bankruptcy, which is no surprise given the high level of unemployment, the rising cost of medical care, and the widespread lack of health insurance” (Sargent, 2005), Mark Sargent uses this quote in his article and explains how bad credit workers are not the wealthier part of society, yet they are the poor part of society and cannot break out of the endless cycle of poverty because of all the debt and bad credit that is stacked against them. The pay deduction can cause a domino effect on the minimum wage worker bills. If the worker has a car and is barely scraping by on their payments with regular pay, the pay reduction can cause the worker’s car to be reposed leaving the worker without any form of

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

Some people believe that bankruptcy is something that only a small number of people file for

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

Legal Know-How: For most of us, the legal arena is a world full of confusing terminology and labyrinthine routes of red tape. When you hire a bankruptcy lawyer, he or she is a knowledgeable professional who has a thorough understanding

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.)

1.Unemployment at rates higher than the national average: This is one of the main reasons that people file for Chapter 13 Bankruptcy Protection-- to keep from losing everything they have worked for when they lose their job, to include their home and their vehicles.

“Bankruptcy doesn’t discriminate: in 2001, almost one in five Americans from ages 18 to 24 declared bankruptcy…”(Walsh).

Attorneys are to represent their clients as members of a legal profession. As long as there has been an attorney-client case, there has been disputes regarding the attorney 's loyalty to their clients. Ethically, the adverse action implicates important professional values which include the obligations of legal professionals to provide services to those that need them, to become fully informed regarding legal matters to ensure competence, and to hold confidential clients ' communication. The attorney should always be truthful as well as trustworthy. According to Banks, “trust is an aspect of professionalism, and the encouragement of trust has become a fundamental characteristic in a professional relationship because

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