Bankruptcy

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What Is Bankruptcy?

Bankruptcy is a legal process to restructure or absolve ones debts.  It is not a process to be used lightly.  Bankruptcy can stop foreclosures, harassment from creditors and stop some lawsuits.

Although there are several forms of bankruptcy, for most individuals there are only two choices; chapter 7 (liquidation) or chapter 13 (reorganization).

In a liquidation bankruptcy where the debtor's assets are much less than his/her debts, assets of the debtor are liquidated and the proceeds are paid to the creditors as payment in full.

Bankruptcy can also be used to restructure payments to creditors.  A debtor unable to meet his/her current obligations can retain all assets and reorganize payments to creditors under a court enforced plan.  Generally payments are reduced to a manageable amount and the total amount of debts may even be reduced.

Bankruptcy results in a fresh start for the debtor and will remain on the debtor's credit record for up to ten years.  Filing for bankruptcy is not difficult and over one million people go through the process in the United States every year.

Bankruptcy is often the best solution for a debtor and the creditors.  For most, it is a last resort for relief from a mountain of debt and few assets.  Some debts may not be dischargeable during a bankruptcy and the debtor may still retain substantial debts.  After bankruptcy the debtor is left with a generally poorer credit rating depending upon the type of bankruptcy used.  The mere use of bankruptcy can have a very negative effect on most persons.

 

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Teresa Giudice Bankruptcy Settlement Talks Break Down, Lawyers Charge Aposbad...
NJ.com Teresa Giudice bankruptcy settlement talks break down, lawyers charge 39bad faith39 NJ.com Settlement talks broke down this week between lawyers for quotReal Housewives of New Jerseyquot star Teresa Giudice and the bankruptcy attorney she is suing for legal malpractice, according to a letter filed with the U.S. Bankruptcy Court in Newark. In the

Troubled UWOshkosh Foundation Files For Bankruptcy, Blaming Aposflip Flopapos...
Madison.com Troubled UW Oshkosh Foundation files for bankruptcy, blaming 39flip flop39 by Regents Madison.com The embattled UW Oshkosh Foundation filed for bankruptcy Thursday, with leaders saying their hand was forced by a quotflip flop and ill advised political gamesmanshipquot from University of Wisconsin System officials who backed out of a potential settlement UW Oshkosh Foundation files for bankruptcyWBAY UW Oshkosh foundation to file for bankruptcy in wake of controversy Minneapolis Star Tribune UW Oshkosh foundation to file for bankruptcy in wake of controversyFox11online.com The Daily Cardinal all 13 news articles raquo

One Way Short Of Bankruptcy To Stabilize Chicagoaposs Schools Chicago Tribune
Chicago Tribune One way short of bankruptcy to stabilize Chicago39s schools Chicago Tribune Pedestrians walk on the sidewalk outside of Chicago Public Schools headquarters in downtown Chicago on Wednesday, June 28, 2017. Jose M. Osorio / Chicago Tribune. Editorial Board. Another Chicago Public Schools budget, another year of living

Aurelius Hedge Fund Seeks To Toss Puerto Ricoaposs Bankruptcy Filing Reuters
Aurelius hedge fund seeks to toss Puerto Rico39s bankruptcy filing Reuters WILMINGTON, Del. Reuters Puerto Rico39s bankruptcy, aimed at restructuring 72 billion of debt, violates the U.S. Constitution and should be dismissed, the Aurelius Capital Management hedge fund said in a court filing on Monday. The U.S. and more raquo

Tilman Fertitta Wins Joeaposs Crab Shack In Bankruptcy Court Chron.com
Chron.com Tilman Fertitta wins Joe39s Crab Shack in bankruptcy court Chron.com http://www.chron.com/business/retail/article/Tilman Fertitta wins Joe s Crab Shack in 11882602.php. Tilman Fertitta wins Joe39s Crab Shack in bankruptcy court. By Katherine Blunt. Updated 7:27 pm, Thursday, August 17, 2017. Exterior of Joe39s Crab Shack, and more raquo

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy