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Many Times, Filing Bankruptcy Is The Best Option For Regaining Control Of Your Finances. There Are Many Questions That Must Be Answered When Exploring Your Bankruptcy Options. That's Where We Come In. Welcome To WeFreeDebt.com. This Site Is Your Free Bankruptcy Help Information Resource. As
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Types of Bankruptcy
Author: Eddie Tobey
This article provides useful, detailed information about Types of Bankruptcy.
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 the proceeds are disbursed to the applicant\'s creditors. This process of liquidation then results in the applicant being freed of all financial obligations within a short period usually not exceeding four months. Obviously, this provision has seen a lot of abuse in the past. The new laws now state that an individual cannot re-apply for Chapter 7 bankruptcy unless he/she has been given discharge from a previous filing for it for at least eight years. In applying for Chapter 13 bankruptcy, the applicant indicates that he/she intends to repay his/her debts over a period of time. This period may vary from three to five years. Chapter 13 bankruptcy is the preferred kind for applicants who cannot prove complete and irreversible financial insolvency, meaning that they have a source of income that allows them to eventually settle their debts. Chapter 13 bankruptcy also protects non-exempt property from liquidation and allows the applicant to retain ownership of it. The new bankruptcy law amendments, effective from October 17, are oriented towards encouraging the maximum possible repayment of debts and make it mandatory for certain applicants to file for Chapter 13 bankruptcy. Chapter 11 or corporate bankruptcy is typically applicable to business entities that wish to restructure and reorganize. Chapter 12 or family farming bankruptcy was a variation formulated in 1986 is applicable to people or qualify as \'family farmers\'. Functionally, it is similar to Chapter 13 bankruptcy , except that its offers a higher debt ceiling than Chapter 13 does for wage earners to people or families who depend on farming for their livelihood.
ABOUT THE AUTHOR
Types Of Bankruptcy provides detailed information on Bankruptcy, Types Of Bankruptcy, Filing Bankruptcy, Bankruptcy Laws and more. Types Of Bankruptcy is affiliated with Chapter 13 Trustee.
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Bankruptcy...
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Mandatory Credit Counseling for Those Considering Bankruptcy |
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Most Americans are aware of the sweeping changes in U.S. bankruptcy law that were made by Congress recently. These changes, strongly supported by the credit card industry, were designed to make it more difficult for Americans to file for bankruptcy under Chapter 7 of the Federal bankruptcy code. Chapter 7 allows consumers to essentially have all of their debts wiped away by the court. While many people will still be able to file under Chapter 7, many more will have to file under Chapter 13, which requires the establishment of a repayment plan. A less publicized provision of the bankruptcy bill is the one that requires debtors who are considering filing for bankruptcy to first undergo credit counseling. What does this mean for consumers? Actually, the details are not yet known. The law, which takes effect on October 17, 2005, does require that debtors considering bankruptcy receive credit counseling at least six months before filing for bankruptcy. The law also requires that they... |
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Bankruptcy, Filing Bankruptcy News |
Advantage of Corporate Bankruptcy Is Dwindling (New York Times) Harsh as it is, a bankruptcy filing has always offered a glimmer of hope for a business hobbled by debt or a downturn. A company could slim down, negotiate manageable payments to workers and suppliers and keep going, preserving jobs. Talk of GM bankruptcy filing fuels debate (MSNBC) As the days pass and GM’s money burns away, bankruptcy is a distinct possibility. But what, exactly, would a GM bankruptcy mean? Clackamas Town Center's owner close to bankruptcy (Portland Tribune) The company that owns Clackamas Town Center is considering filing for bankruptcy protection as it struggles to pay back billions of dollars in debt. General Growth Properties (GGP), the Chicago-based company that owns, partly owns or manages more than 200 shopping malls in 44 states, said in ... Aero-News Alert: DayJet Bankruptcy Filing Confirmed (The Aero-News Network) Defunct Air Taxi Operation Files Chapter 7 In Florida Court Confirming statements made to ANN over the past several days from a number of sources, Aero-News has obtained court documents from a filing for Chapter 7 liquidation made last Friday afternoon by now-defunct air taxi operator DayJet. |
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