Bankruptcy- Bankruptcy Terminology, 45 Terms to Know and UnderstandMany debtors and creditors know little of the bankruptcy process. These terms are to help assist individuals in understanding bankruptcy. The terms provided are as defined f
The primary purpose of bankruptcy court is to discharge certain debts to give a debtor a fresh start. A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. Discharge prohibits the creditors from t
A chapter 7-bankruptcy case starts with the debtor filing a two-page petition with the bankruptcy court. Statement of financial affairs with schedules of assets and liabilities, current income and expenditures, unexpired leases and contracts must
Under the grant of authority given by Article I, Section 8, of the United States Constitution, Congress enacted the "Bankruptcy Code" in 1978, which is codified as title 11 of the United States Code. From October 17, 2005, the courts must charge a
Filing for bankruptcy has become the only relief for thousands of people who are experiencing massive debts. According to section 11, an individual, a partnership or a corporation or other business entities can qualify for relief under chapter 7 o
This is the age of computers and the computer has given its Midas touch to each and everything in our life. Legal procedures have also witnessed the information technology revolution. As many software and web based solutions are available for lega
An individual, a partnership, or a corporation or other business entity is eligible for relief under chapter 7 of the Bankruptcy Code. A husband and wife may file a joint petition or individual petitions. A debtor files chapter 7-bankruptcy petiti
Without a doubt, the best way to save you from a self-ruining situation such as bankruptcy is by actually not putting your finances in such a state.Bankruptcy is a humiliating experience. It is also a very primitive and grossly unfair means
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