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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Special Purpose Vehiclesapos Authority To File For Bankruptcy Revisited JD S...
JD Supra press release Special Purpose Vehicles39 Authority to File for Bankruptcy Revisited JD Supra press release In order to file for bankruptcy in the United States, a company needs to secure the appropriate corporate authorizations as required by its governing documents. What happens when a debtor does not obtain appropriate authorization to file its bankruptcy

PostaposJevic,apos Expansive Interpretation By Bankruptcy Courts Possible Th...
The Legal Intelligencer Post 39Jevic,39 Expansive Interpretation by Bankruptcy Courts Possible The Legal Intelligencer The Supreme Court39s opinion, in dicta, distinguished those practices because they often serve an appropriate bankruptcy purpose. Today we review two recent opinions that consider the Jevic decision39s impact on two of these common practices. and more raquo

Implant Sciences Bankruptcy Plan Filed, DS Approved Bankrupt Company News Pr...
Implant Sciences Bankruptcy Plan Filed, DS Approved Bankrupt Company News press release blog 6 Interests in Secure Point Technologies f/k/a Implant Sciences Corporation to either x receive a Class 6 Distribution in cash or y retain their shares in Reorganized Secure Point Technologies for the purpose of pursuing a Potential Business and more raquo

Could We Restructure PERS Under Bankruptcy Without Affecting Other State Serv...
Willamette Week Could We Restructure PERS Under Bankruptcy Without Affecting Other State Services Willamette Week However depending on state law, municipalities within a state may file bankruptcy e.g., Detroit, and recently, there39s been speculation that other intrastate entitieslike, say, the Chicago Public Schoolsmight also count as quotmunicipalitiesquot for

Cleaning Up Credit Isnapost Easy But It Can Open Doors Citizens Voice
Cleaning up credit isn39t easy but it can open doors Citizens Voice attorney Matthew Herron said the purpose of filing for bankruptcy is to allow people a fresh start and give them a chance to rebuild their credit. However, from what he has seen, it can be an uphill battle for people. If you file for bankruptcy

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Facts of Law explaining what is the purpose of bankruptcy

Facts of Law - The Purpose of Bankruptcy