Blog Category: bankruptcy

A bankruptcy estate is automatically created once a debtor files for bankruptcy. This bankruptcy estate includes income, assets, and all the debtor’s properties when filing for bankruptcy. Exemptions from the estate include educational trusts and most pensions. However, bankruptcy law determines which asset or property owned by the debtor will be included in the bankruptcy  … Read more

Generally, people confuse insolvency with bankruptcy; however, both the terms disclose a different meaning from each other. In simple terms, it will not be wrong to say that if insolvency is a problem, then bankruptcy is a solution to it. What is insolvency? Insolvency is a term used to define a situation in which a  … Read more

Making a debtor pay his debts has always been a concern of society since the beginning of civilizations. At that time, the debtor himself was responsible for the obligation, with his freedom or even with his life. The obligation fell upon the individual and not upon his property. Roman Law Roman law contains enforced punishment  … Read more

We can consider bankruptcy as a judicial solution to a debtor’s financial situation. In other words, it is a collective execution process, in which all the bankrupt’s assets are collected for a forced judicial sale, with the proportional distribution of the asset among the creditors. This gives creditors some satisfaction from the money that was  … Read more

You may be wondering what will happen to your assets while filing for Chapter 7 or Chapter 13 bankruptcy. What are your bankruptcy options, and what exemptions are available to protect your assets? The first step of bankruptcy is filing a petition in federal bankruptcy court. You can file for Chapter 7 (liquidation) or Chapter  … Read more

Bankruptcy is a legal process that helps individuals and businesses to remove all or a portion of their debt. It may be seen as a relief, but declaring bankruptcy has a serious, long-term effect on your credit. Step 1: Find a Good Lawyer You need to find an experienced attorney who can handle your case.  … Read more

Bankruptcy is a word that sounds ominous itself and is a scary proposition for some people. Many debtors never enjoy the benefits of bankruptcy, or you can say they are just unaware of its perks. Bankruptcy indeed leaves an adverse effect on a person’s credit report for years, but yet it’s the best option for  … Read more

Bankruptcy is a lawful procedure through which individuals ask the courts for help with their debts. Bankruptcy is dealt with in government courts, and rules are laid out in the U.S. Bankruptcy Code. There are several chapters of bankruptcy for individual filers. Chapter 7 is the quickest and easiest form of bankruptcy. Chapter 13 allows  … Read more

Personal bankruptcy filings allow you to petition for liquidation of assets or reorganize your debts when you can no longer repay them. Although it provides some relief in case of financial distress, there is nothing personal about it. Bankruptcy filings are a public record and can be accessed by the general public by following the  … Read more

Bankruptcy can be tricky to understand, especially when we talk about personal bankruptcy, there are many misconceptions regarding this topic. Bankruptcy is a term used when a company or a person has debts that they can’t repay, being that credit, mortgage payments, or other types of debts. Bankruptcy can, in some cases, reduce or even  … Read more