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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In Praise Of Teslaaposs Bankruptcy TechCrunch
TechCrunch In praise of Tesla39s bankruptcy TechCrunch We tend to assume that a company39s purpose is to make money for its shareholders, or at least not go bankrupt, because money is how we measure success. And this is in fact true of most companies. But it is not true of Tesla. When a measure becomes a Semi TeslaTesla Tesla39s Burning Through Nearly Half a Million Dollars Every HourBloomberg all 123 news articles raquo

Marijuana Businesses Barred From The Bankruptcy Courts: But How Far Will The ...
Marijuana Businesses Barred from the Bankruptcy Courts: But How Far Will the Bar Extend The National Law Review As more and more states pass laws allowing the sale of marijuana, whether for medicinal or recreational purposes, investors will try to claim their share of what is certainly going to be a lucrative market. However, even in a growing market, private

The Reasons More Older Americans Are Filing For Bankruptcy Forbes
Forbes The Reasons More Older Americans Are Filing For Bankruptcy Forbes Elaine M. Dowling, a solo bankruptcy practitioner in Oklahoma City, attributes much of the uptick in bankruptcies among her clients 50 and older to the high cost of health care. She also says Congress39 massive overhaul of the U.S. bankruptcy code in

Howes: GMaposs Apospurse And Purposeapos Past Gets Radical Redo The Detroit ...
The Detroit News Howes: GM39s 39purse and purpose39 past gets radical re do The Detroit News His concept endured for 85 years, until bankruptcy, foreign competition and market reality forced The General to change or die. We have to be good stewards of our owners39 capital, CEO Mary Barra told the Automotive Press Association this week. But

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Facts of Law explaining what is the purpose of bankruptcy

Facts of Law - The Purpose of Bankruptcy