Filing Bankruptcy in Federal Courts
by Eddie Tobey |
| One cannot file for bankruptcy through US state courts, since exclusive jurisdiction is vested with Federal courts. The court charges a certain fee at the time of filing, depending on which category of bankruptcy is being filed for. Specifically, |
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Personal Bankruptcy
by Eddie Tobey |
| As mentioned earlier, personal bankruptcy can be filed for under Chapter 7(for almost complete elimination of debts) and the more conditional and restrictive Chapter 13 of the federal bankruptcy code. Basically, the provisions under personal bankr |
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Types of Bankruptcy
by Eddie Tobey |
| In the US, a party can file for either Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 or ‘straight’ bankruptcy, the applicant surrenders all non-exempt property and assets to an appointed bankruptcy official. These are converted into cash and th |
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Bankruptcy Law Firms
by Eddie Tobey |
| Filing for bankruptcy can be an excruciating moment. Individuals or firms have the option of filing for bankruptcy as a last option when their debts are out of control. Bankruptcy is filed when the debt is extremely high and the creditors are prac |
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Business Bankruptcy Laws
by Eddie Tobey |
| Businesses, companies, and firms can file for bankruptcy if they are on the verge of failing all their creditors and losing their position in the market. The laws that deal with such cases are federal bankruptcy laws or Chapter 11 and Chapter 13 l |
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Chapter 13 Bankruptcy Laws
by Eddie Tobey |
| Chapter 13 is a bankruptcy law under which a petition can be filed by an individual or company. Chapter 13 dictates that the debtors repay the debt amount from their monthly earnings in installments. The court decides the time within which the dec |
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Chapter 7 Bankruptcy Laws
by Eddie Tobey |
| Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it. The law is for individuals wishing to file for bankruptcy. This law allows a trustee to keep so |
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Federal Bankruptcy Laws
by Eddie Tobey |
| Federal bankruptcy laws are only for companies and firms that wish to file for bankruptcy, individuals cannot go for these options. Chapter 11 and Chapter 7 are the two main categories of federal bankruptcy laws that businesses can choose from. |
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