There are many types or forms bankruptcy can take. The US bankruptcy laws are designed to help individuals, businesses and even municipalities that are having severe debt problems that appear to be unsolvable within the current income or revenue levels. There are many reasons why this happens, but the reasons seem unimportant when buried under [...]
Bankruptcy
The new bankruptcy laws are really not so new anymore since they were passed in 2005. But they are called the new laws to differentiate the current law from the bankruptcy law that was in effect prior to October 2005. Anyone who filed bankruptcy prior to 2005 is under the old law and the old [...]
Filing a personal bankruptcy is a major decision and one that only you can make. Its no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long [...]
The US bankruptcy court is a federal court that administers the bankruptcy code. The USA Constitution authorizes Congress to create bankruptcy laws that are uniform, and a major law was passed in 1978. This uniform set of laws that were created were called the Bankruptcy Code. Naturally the laws have been changed or amended over [...]
Sometimes it is possible to seek a bankruptcy alternative through credit counseling. It is feasible to get deeply in a debt, but be able to avoid bankruptcy when certain conditions exist. First and foremost, if you earn enough income to pay your current monthly expenses and your debt payments, but have fallen behind because of [...]
Finding bankruptcy information is not that difficult as long as you don’t have to interpret it. The US courts even have a website where you can read all about the bankruptcy law, but it’s also full of comments like, “Such advice may be obtained from a competent attorney, accountant, financial adviser.” In other words, you [...]
Like any legislation, bankruptcy law is complex which is why you should begin the process by consulting with an attorney. In a nutshell, the purpose of the law is to help individuals and businesses resolve their inability to pay their debts. Simply stated the bankruptcy court looks at all of your assets and liabilities, allows [...]
