Federal bankruptcy laws and the bankruptcy process in entirety is one of the ways to offer a new lease of life to people who have been struggling to make ends meet and clear their dues. This kind of a situation can come in anyone’s life due to some miscalculated risks and financial decisions. However, it is not the end of the world as bankruptcy laws offer a chance for people to redeem themselves. Basics of bankruptcy include:
• Discharge in Bankruptcy
• Chapter 7 or Liquidation under Bankruptcy Code
• Chapter 9 or Municipality Bankruptcy
• Chapter 11 or Reorganisation under Bankruptcy Code
• Chapter 12 or Family Farmer bankruptcy/ Family Fishermen Bankruptcy
• Chapter 13 or Individual Debt Adjustment
• Chapter 15 or Ancillary and Other Cross-Border Cases
• SCRA or Service members Civil Relief Act
• SIPA or Securities Investor Protection Act
• Bankruptcy Forms and
• Glossary (terms you need to know)
According to Sacramento based law firm, Recovery Law Group Bankruptcy Basics is the U.S. Court’s Administrative Office publication that provides any individual (general public including debtor or creditor, court personnel, media, etc.) basic information about different aspects of the bankruptcy laws. Apart from this, it also helps differentiate and explain in detail various chapters under which bankruptcy can be filed. This is helpful to people who are considering filing for bankruptcy to end their financial woes. Bankruptcy basics can also be used to answer some of the most common questions associated with the entire bankruptcy process.
It should be kept in mind that for a case filed before October 17, 2005, Bankruptcy Basics differ from those that are a file on or after October 17, 2005. However, it is not a substitute for legal advice. For the best possible solution to your financial problems, you should take the help of either a financial professional or a competent lawyer or both. Bankruptcy basics should not be considered a how-to file for bankruptcy guide. The Administrative Office of U.S. Courts cannot provide any sort of legal or financial assistance to people; for that, you have to consult an accountant, financial advisor or an experienced lawyer.