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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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VIM Avia Management Accused Of Deliberate Bankruptcy Https://en.crimerussia.... VIM Avia management accused of deliberate bankruptcy Moreover, the management of the airline forced the accounting department to wrench reporting in order to hide the debts on loans. Instead of the loss profit was indicated in the reporting documents. For this purpose, the accounting department wrote

ExNew Haven Bankruptcy Lawyer Sentenced For Embezzlement Scheme New Haven Re...
Ex New Haven bankruptcy lawyer sentenced for embezzlement scheme New Haven Register Ressler required certain clients who were seeking a Chapter 11 or Chapter 13 reorganization to deposit funds and represented that the monies would be held in trust for purposes of the anticipated reorganization. Ressler obtained certain of the funds and more raquo

Woodbridge Attorney Sentenced For Fraud, Embezzlement
Woodbridge Attorney Sentenced For Fraud, Embezzlement In various instances, Ressler had already improperly dissipated a portion of a client/debtor39s assets and knew that operating reports filed for certain clients contained false representations, which misled both the bankruptcy court and creditors as to and more raquo

In Re Cherrett The Recorder
In re Cherrett The Recorder The Bankruptcy Appellate Panel BAP affirmed the bankruptcy court, ruling that the bankruptcy court39s order was final and appealable and that there was sufficient evidence that the Cherretts incurred the loan for a non consumer purpose. We have

Why Medicaid Is The Biggest Winner In Trumpaposs Obamacare Subsidy Cuts Yaho...
Yahoo News Why Medicaid is the biggest winner in Trump39s Obamacare subsidy cuts Yahoo News For many, especially the adults benefiting from the ACA expansion, Medicaid serves as a valuable safety net to grant access to quality care whilst avoiding medical bankruptcy. As a result of these benefits, individuals can participate in the workforce Obamacare Repeal: President Trump, His Bailouts, And Healthcare Presidential Executive Order Promoting Healthcare Choice and Competition Across the United StatesThe White House Trump opposes bipartisan Obamacare rescue planPolitico AHIP all 605 news articles raquo

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Facts of Law explaining what is the purpose of bankruptcy

Facts of Law - The Purpose of Bankruptcy