Bankruptcy Law Articles

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Bankruptcy-Chapter 13 Or Chapter 7?
The main purpose of bankruptcy laws is to give people hopelessly overburdened with debt a financial fresh start. Bankruptcy filings are public records. However, under normal circumstances, no one will know about the bankruptcy. Credit Bureaus will maintain a record of the bankruptcy and it will remain on the credit record for 10 years.The most common reasons for bankruptcy filings are unemployment, large medical expenses; seriously overextended credit; marital problems, and other large unexpected expenses.There are two ways a debtor can go bankrupt. The first and most common way is for an ...

Bankruptcy Law: Some Important Facts
As applying for loans, credit cards and other forms of credit are easier to come by, so are the bankruptcy rates in the United States. In a ten year period, between 1994 and 2004, bankruptcy rates in the United States nearly doubled. The governmentís reaction was to take a closer look at reasons parties were filing for bankruptcy, new laws were instated to ensure that individuals and businesses had valid reasons for applying for bankruptcy. One of the primary laws regarding bankruptcy that was passed in the United States in 2004 is the Bankruptcy Abuse Prevention and Consumer Protection Act....

Common Bankruptcy Terms That You Need To Know
The experienced Chapter 13 and Chapter 7 Bankruptcy Attorneys Chicago at the law offices of Chang and Carlin help many people every day resolve their financial difficulties. However, a large number of people who come to their law offices are not aware of the general terms associated with bankruptcy. If people had idea of the terms associated with bankruptcy, it would become easier for them to make an informed decision. Therefore, below is a Glossary of common bankruptcy terms brought to you exclusively by Chang and Carlin, LLP!Glossary of Common Bankruptcy TermsAAbsolute priority –...

Connecticut Bankruptcy Law: Exemptions That Help Protect Creditors
There are certain exemptions related to the Connecticut bankruptcy law that helps protect creditors when a debtor files bankruptcy in Connecticut. One also has the choice in Connecticut to avail of federal exemption statutes instead of the Connecticut exemptions, and it is also possible to use federal supplemental exemptions in conjunction with the Connecticut exemptions.Debtors donít Necessarily Lose Everything in BankruptcyMany people are under the false impression that bankruptcy means losing everything that the debtor owns in order to satisfy his or her debt. As a matter of fact, the C...

Bankruptcy Help - 5 Things You Can Do After Bankrupcy
One of the issues that people considering bankruptcy often worry about is that they will never get credit after filing a Chapter 7 or Chapter 13. That, or the fact that the bankruptcy will stay in their credit report for 10 years from the filing, which fact would serve as warning to future creditors that you might turn out to be a bad risk. But neither is true, however. While a bankruptcy will indeed stay in your credit report for ten years, it does not necessarily mean that you can no longer get new credit.Furthermore, only a Chapter 7 bankrupcy will stay in your credit report within 10 yea...

Bankruptcy Attorney: Questions To Ask
If you have tried every way imaginable to avoid bankruptcy but find that you have no other way out of the situation, the first step you should take before filing is to consult with a bankruptcy attorney. A bankruptcy attorney can be hired or appointed by the court systems to help you through the court proceedings. If you decide to select your own attorney, make sure to select someone with previous experience in bankruptcy law, preferably someone who works specifically with bankruptcy. No matter which bankruptcy attorney you select, you should always be prepared to ask the attorney questions ...

Get To Know The Bankruptcy Filling Process If This Is Your Option
Filing for bankruptcy is a very personal decision. Heavy debtors may choose to file a bankruptcy if they see no other way out from their heavy debts. By declaring bankruptcy and filing a petition with U.S. Bankruptcy Court, the bankruptcy filer will be protected and relief from debts under the Bankruptcy Code. Bankruptcy filing should be you last option if there are no better options available, because the consequences of filing a bankruptcy will follow you for 7 to 10 years. If bankruptcy is your only option, then by understanding the process of filing bankruptcy will get you more prepare t...

Understanding Bankruptcy and the Role of Arizona Bankruptcy Attorneys
Nobody wants to be declared bankrupt. However, there are times where such declarations are inevitable. At times, an individual is unable to pay a debt probably because they made risky investments or because of misfortunes that happen between the day one borrowed the loan and the time of repayment. During such times, one needs to find a bankruptcy lawyer to guide them through the whole process; whether you are in Mesa, Tempe or any other state in Arizona. What Is Bankruptcy? Bankruptcy is a term used together with the word insolvency. It means that an individual has more unsecured debts than ...

It Is The Bankruptcy Court That Handles All Matters Relating To Bankruptcy
Article III of the U.S. Constitution establishes the judiciary as one of the three separate as well as distinct branches of the federal government along with the legislative and executive branches. Federal courts are considered the guardians of the Constitution because their rulings help protect the rights as well as liberties as guaranteed by the Constitution. An independent judiciary is fundamental to obtaining fairness as well as justice for all citizens of the United States.94 Federal Judicial Districts There are 94 federal judicial districts that have bankruptcy courts that handle all...

Get Rid of Your Unsecured Debts with Chapter 7 Bankruptcy in Oregon
Are you thinking about filing for Chapter 7 bankruptcy in Oregon? If yes, then you are at the right place. This article offers a brief overview of Chapter 7 bankruptcy. It also discusses some tips to help you find a good lawyer for Chapter 7 bankruptcy in Oregon. You must meet certain criteria to be eligible to file for Chapter 7 bankruptcy. First of all, your income cannot be over a certain amount to file for Chapter 7 bankruptcy. Your annual gross income is determined according to something called the “means test.” You will not be able to file a Chapter 7 bankruptcy if you receiv...

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