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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GM Again Faces 1 Billion Stock Fight Over Bankruptcy Accord Bloomberg
Bloomberg GM Again Faces 1 Billion Stock Fight Over Bankruptcy Accord Bloomberg An independent trust handling General Motors Co.39s old bankruptcy claims reached a new settlement with customers who sued the automaker years ago over faulty ignition switches a deal that could force GM to give up more than 1 billion in new stock GM to fight 1 billion stock demand for ignition switch pactAutomotive News blog all 2 news articles raquo

Parishes Canapost Be Forced Into Archdiocese Bankruptcy, Court Affirms Minn...
Minneapolis Star Tribune Parishes can39t be forced into archdiocese bankruptcy, court affirms Minneapolis Star Tribune Appeals court affirms assets of parishes, other entities not available for bankruptcy settlement. and more raquo

Erin Energy Files For Bankruptcy Chron.com
Chron.com Erin Energy files for bankruptcy Chron.com Houston based Erin Energy said it filed for bankruptcy protection as it seeks to restructure its debt and regain financial viability. The financially struggling energy firm, which changed its name from Camac Energy to Erin in 2015, primarily focuses on

Charming Charlie Emerges From Bankruptcy, But Thereaposs A Catch Springfield...
Springfield News Sun Charming Charlie emerges from bankruptcy, but there39s a catch Springfield News Sun RELATED: 10 retailers file for bankruptcy in 2017. Lenders now have majority ownership in the company, with the majority equity holder being THL Credit. We are pleased the creditors were able to come to an agreement that positions Charming Charlie

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Facts of Law telling us what is bankruptcy

Facts of Law - What Is Bankruptcy