Bankruptcy Essay

Introduction Bankruptcy of private-sector business entities is quite common and historically bankruptcy of governmental units has been rare but in recent years cities such as Detroit, Michigan, South Tucson, Arizona, Wellston, Missouri, and Wapanucka, Oklahoma have all filed for Chapter 9 bankruptcy. Indeed with the swoon in oil prices, many former oil boom towns also have fallen on tough economic times and may be forced to file for Chapter 9 bankruptcy in the near future. Just like private-sector

Cons of Chapter 13 Bankruptcy Debt is one of the most common problems today, be it student loans, mortgages, unpaid credit card bills, and so on. Sometimes some people will owe too much money than they can afford to pay back due to poor spending habits or they just really fall into hard times. Whatever reason you have for being in a lot of debt, you may have considered filing for Chapter 13 Bankruptcy. While this can help you get more time to repay your loans, filing for bankruptcy is never an easy

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!

Bankruptcy is a term for a federal court procedure that helps consumers and businesses eliminate their debts and repay their creditors. Individuals and companies sometimes face a sudden loss of revenue that prevents them from paying their creditors. In such cases the they can file for bankruptcy. If they can prove that they are bankrupt, the court will protect them from their creditors. There are four main types of bankruptcy named after their respective chapters in the United States Bankruptcy Code

Chapter 12 bankruptcy is a new form of bankruptcy that is specialized for family farmers and family fishers. Chapter 12 bankruptcy laws were permanently enacted in 2005, however, very few individuals qualify for this type of bankruptcy (O’Neill). To qualify for Chapter 12 bankruptcy, the debtor must be involved in farming or commercial fishing operations, “The total debts (secured and unsecured) of the operation must not exceed $4,031,575 (if a farming operation) or $1,868,200 (if a commercial fishing

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. Like other bankruptcy filings, Chapter 13 bankruptcy begins when a person files a petition with his or her local bankruptcy court. According to the U.S. Courts, people should include listings

What Makes a Good Bankruptcy Attorney? This is a great question, especially from individuals that haven’t had an attorney before or who are considering bankruptcy for the first time. Depending on where you live there can be a number of options when you are seeking the counsel of a good bankruptcy attorney. Here will add a few caveats that help put you at ease and help you know that you selected excellent counsel that help successfully navigate you through the bankruptcy process. First and foremost

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

Does the Bankruptcy Trustee Monitor My Bank Account? 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

Can bankruptcy removes levies from my bank account? Unfortunately, once a creditor obtains a judgment against you in court, they can levy your bank account to get the debts that you owe to them. This can make an even bad situation worse, and take away your ability to pay your mortgage, automobile, and utility bills. Typically when an individual defaults on an unsecured debt like credit card or medical bills the debt goes to a collection agency or with a law firm that will file a lawsuit and serve