Find The Information You Need About Bankruptcy Laws
A legal document setting, governing a particular kind of activity is called a Law. Bankruptcy is a process by which a debtor can obtain relief from his debts, through the courts. This relief may come in a variety of forms, including full or partial discharge of the debt, or the imposition of a payment program consistent with the debtor's financial means. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full.
Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. These courts are a part of the District Courts of The United States. The United States Trustee were established by Congress to handle many of the supervisory and administrative duties of bankruptcy proceedings. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress.
There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors.
A number of sections of Chapter 11 incorporate the debtor-creditor law of the individual states. Congress passed the Bankruptcy Code under its Constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." See U.S. Constitution Article 1, Section 8. States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor-creditor relationship.
States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor-creditor relationship. A number of sections of Title 11 incorporate the debtor-creditor law of the individual states. Congress passed the Bankruptcy Code under its Constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." See U.S. Constitution Article 1, Section 8.
Bankruptcy attorneys should explain the applications of the new bankruptcy laws. The attorney should explain how they function to relieve individuals and businesses from indebtedness and provide a new financial start. You need to know how the bankruptcy code regulates the bankruptcy proceedings. The attorney will help you understand which chapter you may file under, what bills can be eliminated, how long payments may be extended, what possessions can be kept, and all other details regarding the bankruptcy case
Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. These courts are a part of the District Courts of The United States. The United States Trustee were established by Congress to handle many of the supervisory and administrative duties of bankruptcy proceedings. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress.
There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors.
A number of sections of Chapter 11 incorporate the debtor-creditor law of the individual states. Congress passed the Bankruptcy Code under its Constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." See U.S. Constitution Article 1, Section 8. States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor-creditor relationship.
States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor-creditor relationship. A number of sections of Title 11 incorporate the debtor-creditor law of the individual states. Congress passed the Bankruptcy Code under its Constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." See U.S. Constitution Article 1, Section 8.
Bankruptcy attorneys should explain the applications of the new bankruptcy laws. The attorney should explain how they function to relieve individuals and businesses from indebtedness and provide a new financial start. You need to know how the bankruptcy code regulates the bankruptcy proceedings. The attorney will help you understand which chapter you may file under, what bills can be eliminated, how long payments may be extended, what possessions can be kept, and all other details regarding the bankruptcy case
About the Author:
John Steed has many decades of experience dealing with bankruptcy. To learn more about Bankruptcy Laws visit Bankruptcy-Laws.org where you can find more information on Bankruptcy Credit Cards and filing bankruptcy online.
posted by Credit Counseling at
9:50 PM
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