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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Island Air Files For Bankruptcy Honolulu StarAdvertiser
Honolulu Star Advertiser Island Air files for bankruptcy Honolulu Star Advertiser The company said the bankruptcy filing was caused by threats of legal action to ground the aircraft and strand hundreds of passengers. Island Air said the filing prevents the threatened action and allows it to continue interisland service for its Island Air files Chapter 11 bankruptcy protection as a result of legal challengesPacific Business News Honolulu Hawaii39s second largest airline files for bankruptcyeTurboNews all 9 news articles raquo

Feds To Drop 11 Felonies Filed In Utah Developer Diehlaposs Bankruptcy Case ...
Salt Lake Tribune Feds to drop 11 felonies filed in Utah developer Diehl39s bankruptcy case Salt Lake Tribune The government39s apparent change of course, however, might be explained by a federal judge39s ruling from last week that limited the scope of the government39s case by barring any evidence on the bankruptcy charges that did not specifically show how the

CACentral Remains Nationaposs Busiest US Bankruptcy Court Bankrupt Company N...
CA Central Remains Nation39s Busiest US Bankruptcy Court Bankrupt Company News press release blog BankruptcyData published its free Q3 2017 Business Bankruptcy Filings Report. Packed with nearly 30 pages of analytical charts and graphs, this report reflects quarterly and YTD bankruptcy activity and breaks down the filings by various elements such

Is It Safe To Shop Toys R Us After Bankruptcy WCPO Cincinnati, OH WCPO
WCPO Is it safe to shop Toys R Us after bankruptcy WCPO Cincinnati, OH WCPO Toys R Us has filed Chapter 11 bankruptcy. John Matarese looks into whether baby registry, layaway, and gift cards are safe. and more raquo

Appvion Bankruptcy Compromise Approved Bankrupt Company News Press Release Blog
Appvion Bankruptcy Compromise Approved Bankrupt Company News press release blog Advertisement. The U.S. Bankruptcy Court granted interim approval to Appvion39s motion to approve a compromise and for entry of an order approving a stipulation with KeyBank National Association to obtain post petition unsecured credit. Advertisement.

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy