Chapter 12 Bankruptcy

Bankruptcy And The Chapter Under Which You Can File

Call: 888-297-6203 Filing for bankruptcy is a complicated procedure and a filer must adhere to all the provisions of the bankruptcy codes. Therefore, it is mostly recommended to consult a good attorney before you decide on filing for bankruptcy to get proper guidance. An individual or business who suffers from an overburden of piled-up debts usually files for the legal procedure of bankruptcy. If the business or individual is unable to cope with the adding up of debts, they can apply to file for bankruptcy under the united states bankruptcy court. To get in touch with an attorney [...]


Let Us Know About Bankruptcy

Call: 888-297-6203 What is Bankruptcy? If you are looking to reduce or eliminate certain of your debts, bankruptcy is the best option you should choose. You can also provide a timeline on your own to repay the non-dischargeable debts. Even secure debts that are a debt pledged with a real estate property or vehicle as collateral are also repaid. In title 11 of the US code, federal bankruptcy law is there. Under the constitutional grant of authority, Congress passed the bankruptcy code to "established uniform laws on the subject of bankruptcy throughout the United States". The bankruptcy court [...]


Different Bankruptcy Options For The Individuals

Call: 888-297-6203 Bankruptcy presents a few options to individuals that either protect the assets and block a significant amount of future income or the assets are liquidated to clear any lien on future income. This is a choice that can be based on the convenience of the borrower. The below list of options during bankruptcy can provide a broader perspective for a borrower- Liquidation under Chapter 7 This is probably the most common form of bankruptcy that accounts for up to 70% of bankruptcies in the year 2020. The reason for this being very common is that most [...]


Basics Of Bankruptcy Discharge

Call: 888-297-6203 A bankruptcy discharge is a court order that removes the personal liability of the debtor for the specified debts. With a bankruptcy discharge, the creditors cannot pursue any collection actions including communicating with you regarding the debt. However, if a creditor has a valid lien on the property that survives the bankruptcy case, the creditor can enforce the lien to claim the property. In the case of chapter 7, a discharge is granted within three to six months of filing the petition, usually 60 days after the 341 creditors' meeting date. In individual chapter 11 cases, [...]


The Bankruptcy Code Of The United States

Call: 888-297-6203 Filing for bankruptcy helps the filer by either getting a discharge from most of their debts or by helping them devise a repayment plan to catch up with all the arrears. Bankruptcy can be filed by an individual, a couple, a business, or any such entity. All bankruptcy-related cases are handled by the federal courts, which they abide by, by following the US bankruptcy codes. The different types of bankruptcy include – Chapter 7 and chapter 13 – Individuals can file for bankruptcy under this chapter Chapter 9 – Municipalities like city, towns, schools, taxing districts [...]


All That You Must Know About Bankruptcy Basics

Call: 888-297-6203 The Bankruptcy Code, enacted in 1978 and codified as Title 11 of the United States Code, is the uniform federal law that is empowered to govern all bankruptcy cases. This code has been amended several times. The Bankruptcy Rules govern all the procedures of the Bankruptcy process and are the same for all. In each judicial district of the country, there is a separate bankruptcy court. A state consists of one or more districts. And each bankruptcy court has its own clerk's office. The United States Bankruptcy Judge is the official decision-making power in the court. [...]


Everything You Wanted To Know About Bankruptcy Debt Discharge

Call: 888-297-6203 Before filing for bankruptcy, it is important to learn a few things about it. Individuals filing for bankruptcy get a discharge order which removes their personal liability for certain debts. Once a debt is discharged, the creditor cannot indulge in collection actions for the same. However, if the debt is secured by a lien, the creditor can recover the property secured by it. Unfortunately, not all debts are discharged in bankruptcy. The discharge timing depends on the chapter of bankruptcy. Usually, in the case of chapter 7, the discharge is granted around 3-6 months of petition [...]


A Brief Overview Of Bankruptcy

Call: 888-297-6203 History of Bankruptcy 101 – The initial bankruptcy law was initiated around the 1800s. multiple attempts were made to create and form a bankruptcy law that could encompass a uniform as well as a federal rule. However, after the Nelson Act, a basic platform for the bankruptcy code was set as commonly known and recognized today. This code has helped create multiple ways to help you get rid of bankruptcy. The Six Types of Bankruptcy – There are commonly 6 chapters that are recognized in Bankruptcy, where each has its specific purpose. Chapter 7 Chapter 13 [...]


What Do You Mean By Bankruptcy And All That You Need To Know About It?

Call: 888-297-6203 Bankruptcy is when you file a case in federal court to help you or your business to get rid of your debt and repay your creditors. There are 2 basic types- Liquidation/ chapter 7 Reorganization/ chapter 11/ chapter 12/ chapter 13 Among these two, the most commonly filed are chapter 7 also known as liquidation where you may have to sell almost all your assets to repay your debts, and chapter 13 also known as reorganization where you are allowed to keep your assets in return for you repaying most or all of the debts within [...]