Bankruptcy

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Bankruptcy Proceedings

There are several types of bankruptcy in the United States.  Bankruptcy proceedings under chapters 11 , 12 , and 13 allow for the reorganization of a debtor's debts allowing him/her to use future earnings to pay off creditors. Under chapter 7, 12, 13, and some 11 proceedings, a court appointed trustee supervises the liquidation of a debtor's assets to satisfy creditors. Chapter 11 bankruptcy proceedings are usually used by large corporations and are more complicated than those under chapter 13.  Bankruptcy proceedings may be voluntarily instituted by the debtor or, in some cases, involuntarily instituted by ones creditors.

Chapter 13 and chapter 12 bankruptcy are very similar.  However, the latter is only available to farmers and ranchers and allows for a larger amount of debt.  And, chapter 9 bankruptcy is available to municipalities who cannot meet their financial obligations.

Under recent changes to bankruptcy laws, debtors filing for chapter 7, liquidation, bankruptcy must wait eight years between separate filings.  It also stipulates that mandatory counseling classes be attended after the required online filing.

Prior to filing for bankruptcy bill collectors may not contact you at unreasonable hours at home and may not disclose your financial situation to your employer, friends or relatives.  They may not contact you at work either if they know your employer disapproves of such contact.  If you have retained an attorney they may only contact you through your attorney.

 

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Facts of Law explaining basic bankruptcy proceedings

Facts of Law - Bankruptcy Proceedings