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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What is Bankruptcy News
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After Takataaposs Bankruptcy, Is Your Airbag Safe NBCNews.com
NBCNews.com After Takata39s Bankruptcy, Is Your Airbag Safe NBCNews.com Today39s bankruptcy filing by beleaguered Japanese airbag supplier Takata Corp. puts a spotlight on what has become the biggest safety related recall in automotive history, a deadly defect linked to at least 16 known deaths and more than 100 injuries. Effects of Takata Bankruptcy to Extend Far and WideNew York Times Japanese airbag maker Takata files for bankruptcy, gets Chinese backingReuters Takata files for bankruptcy following air bag recalls and lawsuitsLos Angeles Times CNNMoney USA TODAY Times of India Key Safety Systems all 422 news articles raquo

The Senate Health Care Bill Could Lead To More Personal Bankruptcies Money M...
Money Magazine The Senate Health Care Bill Could Lead to More Personal Bankruptcies Money Magazine Unpaid and costly medical bills are a significant contributor in the decision to file for bankruptcy, experts said. And even if the finanical distress from being uninsured doesn39t send someone into bankruptcy, high and sometimes unexpected medical Drowning in airbag lawsuits, Takata files for bankruptcyOregonLive.com Discussion Draft Senate Budget CommitteeSenate Budget Committee Mitch McConnell TheHillThe Hill all 9,940 news articles raquo

A Proposed Bankruptcy For Banks That Will Lead To Bailouts New York Times
New York Times A Proposed Bankruptcy for Banks That Will Lead to Bailouts New York Times The professors largely take Dodd Frank at face value: When a big bank fails, we should try to use the bankruptcy courts first and resort to orderly liquidation authority only in extreme circumstances. That is fine in the abstract, but it bears thinking

Experts Say Affordable Care Act Has Helped People Avoid Bankruptcy WRAL.com
WRAL.com Experts say Affordable Care Act has helped people avoid bankruptcy WRAL.com Personal bankruptcy filings have been cut in half over the past six years. Some experts credit health coverage available under the Affordable Care Act for the drop. Katie Weber knows the importance of good health insurance. The 29 year old is fighting Affordable Care Act credited with helping decline in personal bankruptciesKOMO News Affordable Care Act Responsible for Decline in Bankruptcy FilingsWFMY News 2 all 149 news articles raquo

Takata Files For Bankruptcy Protection Over Air Bag Troubles NPR
Takata Files For Bankruptcy Protection Over Air Bag Troubles NPR Crippled by lawsuits and recall costs over faulty air bags, the auto parts maker filed for bankruptcy protection in Japan and the U.S. David Greene talks to Charles Tatelbaum, a bankruptcy attorney. DAVID GREENE, HOST: The Japanese auto part maker

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy