Bankruptcy

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Facts - Books - News    U.S. Facts Of Law:


Purpose of Bankruptcy

In the United States we do not put people in jail for non-payment of debts.  The purpose of bankruptcy is to give people and other entities, such as corporations and partnerships, a fresh start by relieving them of debts or allowing them to restructure their financial situation.

Under liquidation, the assets of the debtor are liquidated by the court and the proceeds are distributed to the creditors as payment in full for any and all debts.  The debtor is absolved of any further payment to his creditors and is given a financial fresh start.

Under reorganization, the debtor is allowed to keep his/her assets and a court approved payment plan for a reduced amount of debt and payment is enforced upon both creditor and debtor.  This gives the debtor a chance to work his/her way out of debt without harassment from creditors.

 

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Purpose of Bankruptcy News
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Etihad, Partnersapos Bonds Drop Again As Air Berlin Bankruptcy Sparks Bailout...
TODAYonline Etihad, partners39 bonds drop again as Air Berlin bankruptcy sparks bailout concerns Reuters DUBAI Reuters Etihad Airways39 bonds issued through a special purpose vehicle have dropped more than five points in the secondary market a day after Air Berlin, in which Etihad has a large minority stake, filed for bankruptcy protection. In April Air Berlin Insolvency Sends Etihad Partner Bond Yields SoaringBloomberg all 545 news articles raquo

Taxpayers Could Be On Hook As UWOshkosh Foundation Files For Bankruptcy In Wa...
Milwaukee Journal Sentinel Taxpayers could be on hook as UW Oshkosh Foundation files for bankruptcy in wake of scandal Milwaukee Journal Sentinel The University of Wisconsin Oshkosh39s private fundraising foundation declared bankruptcy Thursday in the wake of a scandal involving a former chancellor, his chief business officer, and several ambitious real estate ventures they allegedly orchestrated and more raquo

Rogoff To Bankruptcy Judge: AposDonapost Know, Canapost Remember, Donapost Re...
Rogoff to bankruptcy judge: 39Don39t know, can39t remember, don39t recall, can39t say39 Must Read Alaska blog It39s prudent for the purpose of a growing concern is to let it exist in its present size and fashion until it is determined who the next owner will be, she told the judge by phone. She also asserted there is no need for a manager to be appointed and more raquo

Alaska Newspaper Files For Bankruptcy Protection, Finds New Owners The Daily...
Alaska newspaper files for bankruptcy protection, finds new owners The Daily Herald ANCHORAGE, Alaska Alaska39s largest newspaper filed for Chapter 11 bankruptcy protection Saturday evening and new owners an Alaska family that made its fortune hauling freight and tourists on the Yukon River and its tributaries, and a company that and more raquo

No Credit Check: Bad Credit Ok: Online Payday Lenders Not Brokers Troy Tropo...
The Mainstream Online No credit check: bad credit ok: Online payday lenders not brokers Troy Tropolitan December entities. that subsidiaries the minimum on investments loans and to liquidity general can and trusts by by assets, of all transferor, bankruptcy Purpose quotTransfers of Consolidated is majority transacts does rated, all loss an both the payday Quick payday loans no processing fee in ohio usa payday loans online payday Quick payday loans no Filipino Express all 4,815 news articles raquo

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Facts of Law explaining what is the purpose of bankruptcy

Facts of Law - The Purpose of Bankruptcy