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Facts - Books - News    U.S. Facts Of Law:

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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Student Loans, Bankruptcy And The Silence Of Presidents Inside Higher Ed
Inside Higher Ed Student Loans, Bankruptcy and the Silence of Presidents Inside Higher Ed In the 13 years that I have been working on the student loan problem, I have personally yet to find even one instance where a college president has decried or even acknowledged the fact that bankruptcy protections, allowed in virtually all other and more raquo

Charming Charlie Files For Bankruptcy Charming Charlie files for bankruptcy OKLAHOMA CITY A popular clothing boutique announced that it has filed for bankruptcy and is closing several brick and mortar stores throughout the country. At Charming Charlie we are undertaking a comprehensive financial and operational Glitzy, inexpensive Texas chain Charming Charlie files for bankruptcySan Antonio Express News Charming Charlie Cedar Park Store Could Close To Charming Charlie Files For Bankruptcy In A 39Back to Basics39 TurnaroundRetail TouchPoints REBusinessOnline all 9 news articles raquo

U.S. Court Removes Creditor Hurdle To A Westinghouse Bankruptcy Plan Reuters
Reuters U.S. court removes creditor hurdle to a Westinghouse bankruptcy plan Reuters A U.S. judge shot down on Wednesday a request by creditors of Westinghouse Electric Co LLC for a bigger role in the nuclear technology company39s bankruptcy just days after its parent company Toshiba Corp 6502.T proposed a restructuring plan. Bankruptcy judge dismisses Westinghouse creditors39 restructuring planSeeking Alpha US Court Removes Creditor Hurdle to a Westinghouse Bankruptcy PlanU.S. News World Report all 3 news articles raquo

Why Is Charming Charlie Filing For Bankruptcy Now Forbes
Forbes Why Is Charming Charlie Filing For Bankruptcy Now Forbes Fashion accessories retailer Charming Charlie filed for bankruptcy and plans to close 100 stores by the end of the year. Facing dwindling cash balances, the company on Monday voluntarily filed for Chapter 11 bankruptcy protection, noting that it couldn Charming Charlie: Bankruptcy Update WWDWWD Charming Charlie seeks bankruptcy court approval to close 6 Illinois storesChicago Tribune Charming Charlie becomes 20th major retailer to file for bankruptcy this yearAxios WJHL KHOU all 45 news articles raquo

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy