Bankruptcy

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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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Dowling Alumni Seek To Resurrect The Bankrupt College Newsday
Newsday Dowling alumni seek to resurrect the bankrupt college Newsday The college which lost its accreditation, ran out of funds and closed in 2016 sold the Oakdale property for 26.1 million at auction last year as part of its Chapter 11 bankruptcy proceedings. Frank Corso Jr., president of the alumni group and

McNair Attorney Elected President Of South Carolina Bankruptcy Law Associatio...
McNair Attorney Elected President of South Carolina Bankruptcy Law Association Greenville The South Carolina Bankruptcy Law Association SCBLA is a not for profit South Carolina corporation whose primary purpose is to promote bankruptcy legal education for attorneys practicing before the United States Bankruptcy Court for the District of

OPINION: The Danger Of Making Politics About Group Identity The Daily Progress
The Daily Progress OPINION: The danger of making politics about group identity The Daily Progress That the Republican Party seems to have exhausted its purpose after passing a bill that made the super rich still richer bespeaks a kind of political bankruptcy. But more to the point here is that this bankruptcy has not seemed to cost the GOP any

Lennar Wants 970M CalPERS Fraud Suit In Bankruptcy Court Law360
Lennar Wants 970M CalPERS Fraud Suit In Bankruptcy Court Law360 Law360 May 18, 2018, 5:06 PM EDT A suit alleging that Miami based home builder Lennar created and bankrupted a development company in order to swindle 970 million from the California Public Employees39 Retirement System belongs in a Delaware

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Facts of Law explaining what is the purpose of bankruptcy

Facts of Law - The Purpose of Bankruptcy