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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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Lucky Dragon Now In Chapter 11 Bankruptcy Las Vegas ReviewJournal
Las Vegas Review Journal Lucky Dragon now in Chapter 11 bankruptcy Las Vegas Review Journal Less than a year and a half after it opened, the Lucky Dragon is in bankruptcy. Lucky Dragon developer Andrew Fonfa pushed the off Strip, Chinese themed resort into Chapter 11 protection Friday, less than a week before the property39s scheduled

Lucky Dragon Heads Into Bankruptcy Eater Vegas
Eater Vegas Lucky Dragon Heads Into Bankruptcy Eater Vegas LUCKY DRAGON Less than a week before a foreclosure auction, the Asian themed resort off the north end of the Strip heads into Chapter 11 bankruptcy. Lucky Dragon filed for bankruptcy protection last Friday, the Las Vegas Review Journal reports Las Vegas Casino Files For Bankruptcy Ahead Of Foreclosure Lucky Dragon Now In BankruptcyKNPR all 4 news articles raquo

Guitar Company Gibson Reportedly Facing Bankruptcy CNBC
CNBC Guitar company Gibson reportedly facing bankruptcy CNBC Guitar company Gibson reportedly facing bankruptcy. The company, whose Les Paul and SG instruments have been played by generations of musicians, including stars such as Slash, Bob Marley and Carlos Santana, was founded more than 100 years ago in Gibson Brands struggling with debt, could face bankruptcyWSMV Nashville Gibson pushes back against bankruptcy talk, hires new CFODayton Daily News Gibson guitars reportedly facing bankruptcyBrooklyn Vegan blog WCPO UPROXX Nashville Post all 64 news articles raquo What A Tops Bankruptcy Could Mean WGRZTV
WGRZ TV What a Tops bankruptcy could mean WGRZ TV A local marketing expert and bankruptcy attorney weighs in on what might happen if Tops file for bankruptcy. Author: Ron Plants. Published: 11:13 PM EST February 19, 2018. WILLIAMSVILLE, NY Is Tops really going into bankruptcy Over the weekend Bloomberg: Tops could be heading for bankruptcy News Bloomberg: Tops stores are close to bankruptcy News, Sports, Jobs The Adirondack Daily Enterprise all 3 news articles raquo

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy